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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, 2018January 31, 2019January 31, 20252.86%One month LIBOR$400,000 
April 19, 2018March 15, 2019November 30, 20242.85%One month LIBOR400,000 
April 19, 2018March 15, 2019February 28, 20252.86%One month LIBOR400,000 
May 8, 2018March 9, 2020June 9, 20252.99%One month LIBOR325,000 
May 8, 2018June 9, 2020June 9, 20252.99%One month LIBOR595,000 
June 28, 2018August 7, 2020July 9, 20252.90%One month LIBOR1,100,000 
December 9, 2019July 15, 2021November 30, 20242.90%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.14%One month LIBOR200,000 
March 22, 2023July 9, 2025May 31, 20292.99%One month SOFR300,000 
(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 DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location		March 31, 2023December 31, 2022Balance
Sheet Location		March 31, 2023December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$86,808 $119,157 Other liabilities$1,696 $— 
Derivatives not designated as hedging instruments:
Interest rate capsOther assets51 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/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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 DerivativeLocation of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount 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,
202320222023202220232022
    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,
20232022
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$(15)$(20)