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Fair Value of Derivatives and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges
As of December 31, 2023, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):
Effective DateExpiration DateCounterpartyIndexNotionalFixed Rate
7/1/20197/1/2024KeyBankDaily SOFR(1)$100,000 1.6290 %
9/1/201912/21/2025KeyBankDaily SOFR(1)100,000 1.4180 %
9/1/201912/21/2025KeyBankDaily SOFR(1)50,000 1.4190 %
2/3/20202/1/2025KeyBankDaily SOFR(1)50,000 1.2790 %
3/2/20203/3/2025KeyBankDaily SOFR(1)20,000 0.9140 %
3/31/202211/1/2025KeyBankDaily SOFR(2)100,000 1.5110 %
3/31/202211/1/2025KeyBankDaily SOFR(2)100,000 1.9190 %
3/31/202211/1/2025KeyBankDaily SOFR(2)50,000 2.4410 %
6/1/202211/1/2025MizuhoDaily SOFR(2)100,000 2.6284 %
6/1/202211/1/2025MizuhoDaily SOFR(2)100,000 2.9413 %
6/1/202211/1/2025MizuhoDaily SOFR(2)100,000 2.7900 %
7/1/202211/1/2025MizuhoDaily SOFR(2)100,000 2.6860 %
4/3/202311/1/2025MizuhoDaily SOFR(2)250,000 3.5993 %
$1,220,000 2.3994 %(3)

(1)
These interest rate swaps previously referenced one-month LIBOR, which ceased publication on June 30, 2023. Beginning July 1, 2023, these interest rate swaps transitioned to daily SOFR plus 0.1145% for the floating rate. As of December 31, 2023, daily SOFR was 5.3800%.
(2)
As of December 31, 2023, daily SOFR was 5.3800%.
(3)
Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 2.3994%.
Schedule of Derivatives Not Designated as Hedging Instruments
As of December 31, 2023, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
DerivativeNotionalHedged Floating Rate DebtIndexIndex as of December 31, 2023Strike Rate
Interest Rate Cap$300,000 Warehouse FacilityOne-Month Term SOFR5.3547 %1.50 %
Schedule of Derivative Financial Instruments Classification
The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands):
Asset DerivativesLiability Derivatives
Balance Sheet LocationDecember 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swapsInterest rate derivatives, at fair value$34,194 $49,244 $— $— 
Derivatives not designated as hedging instruments:
Interest rate capsInterest rate derivatives, at fair value14,222 21,569 — — 
Total$48,416 $70,813 $— $— 

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands):

For the Year Ended December 31,
Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss)202320222021
Derivatives designated as hedging instruments:
Interest rate swapsUnrealized gain/(loss) on interest rate hedges$(15,050)$52,833 $11,863 
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense(7,319)8,881 — 
Total$(22,369)$61,714 $11,863 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at December 31, 2023 and December 31, 2022 (in thousands):
December 31, 2023December 31, 2022
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Debt$2,491,194 $2,365,209 $2,615,970 $2,515,475 
Schedule of Disclosure of Long-Lived Assets Held-for-sale
The following table sets forth a summary of the Company’s held for sale assets and real estate assets that underwent a casualty related impairment that were accounted for at fair value on a nonrecurring basis as of their respective measurement date (in thousands):
Fair Value Hierarchy Level
DescriptionFair ValueLevel 1Level 2Level 3
Assets held at December 31, 2023
  Real estate assets - impaired at March 31, 2023$125 $— $— $125 
  Real estate assets - impaired at June 30, 2023$1,093 $— $— $1,093 (1)
  Real estate assets - impaired at September 30, 2023$21,715 $— $— $21,715 
  Real estate assets - impaired at December 31, 2023$35,997 $— $— $36,997 
(1)
Real Estate assets impaired at June 30, 2023 include $38.1 million of assets impaired related to a casualty event in the Portales market which are included in operating real estate. Total casualty impairment for these properties was $7.5 million, partially offset by $7.4 million of insurance recoveries, which are recorded in loss on sales and impairment of real estate for the year ended December 31, 2023.