Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of the derivative financial instruments

The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities.

					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2023		2022
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	285,000	2.00%	3/12/2021	9/15/2023	$	—	$	5,748
Interest rate cap	83,200	2.00%	3/12/2021	9/15/2023	—		1,677
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	2,274		3,791
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	1,804		3,007
Interest rate collar	53,272	2.00% - 4.50%	6/1/2023	6/1/2025	417		—
Interest rate collar	33,260	2.00% - 4.50%	6/1/2023	6/1/2025	440		—
Derivative instruments designated as hedging instruments:
Interest rate swap	615,000	2.98%	9/21/2018	9/18/2023	$	—	$	8,262
Interest rate swap	200,000	3.69%	1/3/2023	1/1/2027	117		978
Interest rate cap	127,000	5.50%	11/10/2022	11/7/2024	28		378
Interest rate cap	74,120	5.00%	12/22/2022	12/21/2025	223		655
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	2,496		3,321
Interest rate swap	34,857	4.89%	11/1/2019	1/1/2032	2,519		3,043
Total fair value derivative assets					$	10,318	$	30,860
Total fair value derivative liabilities					—		—
Total fair value derivatives asset (liability), net					$	10,318	$	30,860

(a)These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars.

(b)Interest income related to these contracts was $0.5 million in 2023 and $13.0 million in 2022.

Summary of effect of derivative financial instruments on the Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2023		2022		2021
Interest rate derivatives	$	3,809	$	25,657	$	5,300

Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2023		2022		2021
Interest expense	$	13,131	$	(6,041)	$	(12,660)