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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s outstanding interest rate cap agreements as of December 31, 2021 (in thousands):
Date EnteredMaturity DateHedge DesignationNotionalStrike RateIndex
Fair Value(1)
April 2021(2)
May 2024Non-designated$142,100 2.00 % 1 mo. USD-LIBOR-BBA $397 
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(1)Derivative assets are recorded in other assets, net in the Consolidated Balance Sheets.
(2)Represents two interest rate cap agreements that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates.