v3.23.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of June 30, 2023, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives designated as hedging instruments$124,519 $(15)$124,504 $2,048,121 
Derivatives not designated as hedging instruments50,106 (9,148)40,958 2,017,485 
Total derivative assets$174,625 $(9,163)$165,462 $4,065,606 
Liabilities:
Derivatives designated as hedging instruments$(6,073)$17 $(6,056)$16,718 
Derivatives not designated as hedging instruments(10,166)9,146 (1,020)684,955 
Total derivative liabilities$(16,239)$9,163 $(7,076)$701,673 
Total$158,386 $— $158,386 $4,767,279 

(1)    Comprised of 101 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 3.85% per annum. These swaps mature from April 30, 2024 to January 31, 2043.
As of December 31, 2022, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$133,168 $— $133,168 $2,122,222 
Derivatives not designated as hedging instruments44,659 (4,523)40,136 1,095,820 
Total derivative assets$177,827 $(4,523)$173,304 $3,218,042 
Liabilities:
Derivatives designated as hedging instruments(3,724)— (3,724)— 
Derivatives not designated as hedging instruments(4,523)4,523 — — 
Total derivative liabilities$(8,247)$4,523 $(3,724)$— 
Total$169,580 $— $169,580 $3,218,042 
Schedule of Offsetting Liabilities As of June 30, 2023, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives designated as hedging instruments$124,519 $(15)$124,504 $2,048,121 
Derivatives not designated as hedging instruments50,106 (9,148)40,958 2,017,485 
Total derivative assets$174,625 $(9,163)$165,462 $4,065,606 
Liabilities:
Derivatives designated as hedging instruments$(6,073)$17 $(6,056)$16,718 
Derivatives not designated as hedging instruments(10,166)9,146 (1,020)684,955 
Total derivative liabilities$(16,239)$9,163 $(7,076)$701,673 
Total$158,386 $— $158,386 $4,767,279 

(1)    Comprised of 101 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 3.85% per annum. These swaps mature from April 30, 2024 to January 31, 2043.
As of December 31, 2022, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$133,168 $— $133,168 $2,122,222 
Derivatives not designated as hedging instruments44,659 (4,523)40,136 1,095,820 
Total derivative assets$177,827 $(4,523)$173,304 $3,218,042 
Liabilities:
Derivatives designated as hedging instruments(3,724)— (3,724)— 
Derivatives not designated as hedging instruments(4,523)4,523 — — 
Total derivative liabilities$(8,247)$4,523 $(3,724)$— 
Total$169,580 $— $169,580 $3,218,042 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The gains on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended June 30,
20232022
Derivatives designated as cash flow hedges:
   Interest rate swaps$(51,073)$(47,236)
Six months ended June 30,
20232022
Derivatives designated as cash flow hedges:
   Interest rate swaps$(13,045)$(110,764)
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended June 30,
20232022
Interest expense, netOther expense, netInterest expense, netOther expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses reclassified from AOCI into income$(9,032)$— $3,486 $— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Losses (gains) recognized into income— (42,723)— (54,373)
         Total (gains) losses$(9,032)$(42,723)$3,486 $(54,373)
Six months ended June 30,
20232022
Interest expense, netOther expense, netInterest expense, netOther expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses reclassified from AOCI into income$(16,071)$— $8,913 $— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Losses (gains) recognized into income— (17,673)— (121,012)
         Total (gains) losses$(16,071)$(17,673)$8,913 $(121,012)