Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.22.1
Derivatives (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of March 31, 2022, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives designated as hedging instruments $ 49,777  $ (4,592) $ 45,185  $ 833,899 
Derivatives not designated as hedging instruments 60,757  —  60,757  959,020 
Total derivative assets $ 110,534  $ (4,592) $ 105,942  $ 1,792,919 
Liabilities:
Derivatives designated as hedging instruments $ (17,245) $ 4,592  $ (12,653) $ 686,553 
Derivatives not designated as hedging instruments (12,543) —  (12,543) 352,381 
Total derivative liabilities $ (29,788) $ 4,592  $ (25,196) $ 1,038,934 
Total $ 80,746  $ —  $ 80,746  $ 2,831,853 

(1)    Comprised of 68 interest rate swaps which effectively fix the LIBOR 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 0.57% to 3.18% per annum. These swaps mature from August 31, 2022 to January 31, 2043.
As of December 31, 2021, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount
Assets:
Derivatives designated as hedging instruments $ 17,475  $ (1,815) $ 15,660  $ 421,281 
Derivatives not designated as hedging instruments 9,198  —  9,198  345,258 
Total derivative assets $ 26,673  $ (1,815) $ 24,858  $ 766,539 
Liabilities:
Derivatives designated as hedging instruments (54,017) 1,815  (52,202) 1,110,729 
Derivatives not designated as hedging instruments (29,856) —  (29,856) 621,884 
Total derivative liabilities $ (83,873) $ 1,815  $ (82,058) $ 1,732,613 
Total $ (57,200) $ —  $ (57,200) $ 2,499,152 
Schedule of Offsetting Liabilities As of March 31, 2022, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives designated as hedging instruments $ 49,777  $ (4,592) $ 45,185  $ 833,899 
Derivatives not designated as hedging instruments 60,757  —  60,757  959,020 
Total derivative assets $ 110,534  $ (4,592) $ 105,942  $ 1,792,919 
Liabilities:
Derivatives designated as hedging instruments $ (17,245) $ 4,592  $ (12,653) $ 686,553 
Derivatives not designated as hedging instruments (12,543) —  (12,543) 352,381 
Total derivative liabilities $ (29,788) $ 4,592  $ (25,196) $ 1,038,934 
Total $ 80,746  $ —  $ 80,746  $ 2,831,853 

(1)    Comprised of 68 interest rate swaps which effectively fix the LIBOR 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 0.57% to 3.18% per annum. These swaps mature from August 31, 2022 to January 31, 2043.
As of December 31, 2021, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount
Assets:
Derivatives designated as hedging instruments $ 17,475  $ (1,815) $ 15,660  $ 421,281 
Derivatives not designated as hedging instruments 9,198  —  9,198  345,258 
Total derivative assets $ 26,673  $ (1,815) $ 24,858  $ 766,539 
Liabilities:
Derivatives designated as hedging instruments (54,017) 1,815  (52,202) 1,110,729 
Derivatives not designated as hedging instruments (29,856) —  (29,856) 621,884 
Total derivative liabilities $ (83,873) $ 1,815  $ (82,058) $ 1,732,613 
Total $ (57,200) $ —  $ (57,200) $ 2,499,152 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
2022 2021
Derivatives designated as cash flow hedges:
   Interest rate swaps $ (63,528) $ (64,303)
The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
2022 2021
Interest expense, net Other expense, net Interest expense, net Other expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps
      Losses (gains) reclassified from AOCI into income $ 5,427  $ —  $ 3,902  $ — 
Derivatives not designated as cash flow hedges:
   Interest rate swaps
      Gains recognized into income —  (66,640) —  (32,614)
         Total losses (gains) $ 5,427  $ (66,640) $ 3,902  $ (32,614)