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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Company’s Outstanding Derivatives
The following table details the Company’s outstanding derivatives:
Notional Amount
Financial InstrumentsNumber of InstrumentsWeighted Average Maturity DateJune 30, 2024December 31, 2023
Derivatives designated as hedging instruments
Interest rate swaps511/19/2027$1,241,427 $1,242,480 
Interest rate caps29/10/2024382,870 519,000 
Derivatives not designated as hedging instruments
Foreign currency forward contracts (1)
312/6/2028131,037 131,037 
Foreign currency option contracts (1)
211/30/2028104,370 104,370 
Total $1,859,704 $1,996,887 
__________________
(1)The notional amount reflects the balance we expect to settle at the maturity date based on the contractual strike price at trade execution.
Summary of Derivative Financial Instruments as well as Their Classification
The fair value of our derivative financial instruments as well as their classification on our Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 is detailed below.
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance Sheet
Location		June 30, 2024December 31, 2023Balance Sheet
Location		June 30, 2024December 31, 2023
Derivatives Designated as Hedging Instruments
Interest rate swapsOther Assets$19,890 $1,654 Other Liabilities$(914)$(6,305)
Interest rate capsOther Assets1,746 6,945 Other Liabilities— — 
Total Derivatives Designated as Hedging Instruments$21,636 $8,599 $(914)$(6,305)
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contractsOther Assets$266 $— Other Liabilities$(4,189)$(6,820)
Foreign currency option contractsOther Assets3,358 5,065 — — 
Total Derivatives Not Designated as Hedging Instruments$3,624 $5,065 $(4,189)$(6,820)
Summary Of Company’s Derivative Financial Instrument
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 June 30, 2024 and 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 InstrumentsJune 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest rate swap$8,272 $22,361 Interest Expense$5,223 $(2,138)
Interest rate caps2,429 (2,125)Interest Expense2,248 (2,217)
Total Derivatives Designated as Hedging Instruments$10,701 $20,236 $7,471 $(4,355)
The following table details the effect of the Company’s derivative financial instrument on the Condensed Consolidated Statement of Operations during the six months ended June 30, 2024 and 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 InstrumentsJune 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest rate swap$33,981 $8,102 Interest Expense$10,365 $(5,317)
Interest rate caps5,656 (5,084)Interest Expense4,630 (5,266)
Total Derivatives Designated as Hedging Instruments$39,637 $3,018 $14,995 $(10,583)
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 the three and six months ended June 30, 2024 and 2023:
Income Statement LocationThree Months EndedSix Months Ended
Derivatives Not Designated as Hedging InstrumentsJune 30, 2024June 30, 2023June 30, 2024June 30, 2023
Foreign currency forward contractsOther Income$963 $— $2,897 $— 
Foreign currency option contractsOther Income(375)— (1,708)— 
Total Derivatives Not Designated as Hedging Instruments$588 $— $1,189 $—