Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table details the Company’s outstanding derivatives:

			Notional Amount
Financial Instruments	Number of Instruments	Weighted Average Maturity Date	March 31, 2024		December 31, 2023
Derivatives designated as hedging instruments
Interest rate swaps	5	11/19/2027	$	1,242,212	$	1,242,480
Interest rate caps	2	9/10/2024	382,870		519,000
Derivatives not designated as hedging instruments
Foreign currency forward contracts (1)	3	12/6/2028	131,037		131,037
Foreign currency option contracts (1)	2	11/30/2028	104,370		104,370
Total			$	1,860,489	$	1,996,887

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(1)The notional amount reflects the balance we expect to settle at the maturity date based on the contractual strike price at trade execution.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of our derivative financial instruments as well as their classification on our Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 is detailed below.

		Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	March 31, 2024		December 31, 2023		Balance Sheet Location	March 31, 2024		December 31, 2023
Derivatives Designated as Hedging Instruments
Interest rate swaps	Other Assets	$	17,477	$	1,654	Other Liabilities	$	(1,559)	$	(6,305)
Interest rate caps	Other Assets	3,755		6,945		Other Liabilities	—		—
Total Derivatives Designated as Hedging Instruments		$	21,232	$	8,599		$	(1,559)	$	(6,305)
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts	Other Assets	$	188	$	—	Other Liabilities	$	(5,074)	$	(6,820)
Foreign currency option contracts	Other Assets	3,732		5,065			—		—
Total Derivatives Not Designated as Hedging Instruments		$	3,920	$	5,065		$	(5,074)	$	(6,820)

Schedule of Derivative Instruments

The following table details the effect of the Company’s derivative financial instrument on the Condensed Consolidated Statement of Operations during the three months ended March 31, 2024:

	Amount of Unrealized Gain (Loss) Recognized in OCI		Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives Designated as Hedging Instruments	March 31, 2024			March 31, 2024
Interest rate swap	$	25,709	Interest Expense	$	5,142
Interest rate caps	3,227		Interest Expense	2,382
Total Derivatives Designated as Hedging Instruments	$	28,936		$	7,524

The following table details the effect of the Company’s derivative financial instrument on the Condensed Consolidated Statement of Operations during the three months ended March 31, 2023:

	Amount of Unrealized Gain (Loss) Recognized in OCI		Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives Designated as Hedging Instruments	March 31, 2023			March 31, 2023
Interest rate swap	$	(13,219)	Interest Expense	$	(2,140)
Interest rate caps	(2,128)		Interest Expense	(2,217)
Total Derivatives Designated as Hedging Instruments	$	(15,347)		$	(4,357)

The following table details the effect of the Company’s derivative financial instruments not designated as hedging instruments on the Condensed Consolidated Statement of Operations for three months ended March 31, 2024 and March 31, 2023:

	Income Statement Location	Three Months Ended
Derivatives Not Designated as Hedging Instruments		March 31, 2024		March 31, 2023
Foreign currency forward contracts	Other Income	$	1,934	$	—
Foreign currency option contracts	Other Income	(1,333)		—
Total Derivatives Not Designated as Hedging Instruments		$	601	$	—