Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Instruments

The table below summarizes our interest rate swap instruments as of March 31, 2023:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index(1)	Notional Amount
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One month LIBOR	$	400,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One month LIBOR	595,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One month LIBOR	1,100,000
December 9, 2019	July 15, 2021	November 30, 2024	2.90%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.14%	One month LIBOR	200,000
March 22, 2023	July 9, 2025	May 31, 2029	2.99%	One month SOFR	300,000

(1)On April 18, 2023, we converted the variable rate on each of our interest rate swap agreements indexed to one month LIBOR to one month Term SOFR. These modifications did not change the notional amounts or maturity dates noted in the table above, and the new strike rates range from 2.78% to 3.08%. The effective date of these modifications varies based on the monthly interest re-set date within the existing interest rate swap agreements, and two of the agreements have an effective modification date of March 31, 2023. See Note 15 for additional information about these modifications.

Summary of Derivative Financial Instruments, Fair Value and Location in Consolidated Balance Sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	March 31, 2023		December 31, 2022		Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	86,808	$	119,157	Other liabilities	$	1,696	$	—
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	51		36		Other liabilities	—		—
Total		$	86,859	$	119,193		$	1,696	$	—

Summary of Offsetting Derivative Assets

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2023 and December 31, 2022:

	March 31, 2023
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	86,859	$	—	$	86,859	$	—	$	—	$	86,859
Offsetting liabilities:
Derivatives	$	1,696	$	—	$	1,696	$	—	$	—	$	1,696

	December 31, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	119,193	$	—	$	119,193	$	—	$	—	$	119,193
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

Summary of Offsetting Derivative Liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2023 and December 31, 2022:

	March 31, 2023
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	86,859	$	—	$	86,859	$	—	$	—	$	86,859
Offsetting liabilities:
Derivatives	$	1,696	$	—	$	1,696	$	—	$	—	$	1,696

	December 31, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	119,193	$	—	$	119,193	$	—	$	—	$	119,193
Offsetting liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

Summary of Derivative Instruments, Gain (Loss)

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022:

	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income				Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Three Months Ended March 31,					For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2023		2022			2023		2022		2023		2022
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	(18,755)	$	176,065	Interest expense	$	12,981	$	(31,228)	$	78,047	$	74,389

	Location of Gain Recognized in Net Income on Derivative	Amount of Gain Recognized in Net Income on Derivative
		For the Three Months Ended March 31,
		2023		2022
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	(15)	$	(20)