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Derivative Instruments and Hedging (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Nine Months Ended September 30,
20222021
Interest rate caps:
Notional amount (in thousands)$2,873,651 
(1)
$3,304,301 
(1)
Strike rate low end of range3.00 %2.50 %
Strike rate high end of range4.00 %4.00 %
Effective date rangeJanuary 2022 - June 2022January 2021 - August 2021
Termination date rangeJanuary 2023 - July 2023November 2021 - September 2023
Total cost (in thousands)$5,255 $574 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
September 30, 2022December 31, 2021
Interest rate caps:
Notional amount (in thousands)$3,525,751 
(1)
$3,597,301 
(1)
Strike rate low end of range2.00 %2.00 %
Strike rate high end of range4.00 %4.00 %
Termination date rangeNovember 2022 - November 2024February 2022 - November 2024
Aggregate principal balance on corresponding mortgage loans (in thousands)$3,506,052 $3,438,714 
_______________
(1)These instruments were not designated as cash flow hedges.