Annual report pursuant to Section 13 and 15(d)

Derivatives (Tables)

v3.22.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of December 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 $ 133,168  $ —  $ 133,168  $ 2,122,222 
Derivatives not designated as hedging instruments 44,659  (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 derivative assets & liabilities $ 169,580  $ —  $ 169,580  $ 3,218,042 

(1)Comprised of 72 interest rate swaps which effectively fix the LIBOR or SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 11, Indebtedness) at 0.57% to 4.11% per annum. These swaps mature from April 30, 2024 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 derivative assets & liabilities $ (57,200) $ —  $ (57,200) $ 2,499,152 
Schedule of Offsetting Liabilities As of December 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 $ 133,168  $ —  $ 133,168  $ 2,122,222 
Derivatives not designated as hedging instruments 44,659  (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 derivative assets & liabilities $ 169,580  $ —  $ 169,580  $ 3,218,042 

(1)Comprised of 72 interest rate swaps which effectively fix the LIBOR or SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 11, Indebtedness) at 0.57% to 4.11% per annum. These swaps mature from April 30, 2024 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 derivative assets & liabilities $ (57,200) $ —  $ (57,200) $ 2,499,152 
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):
Year Ended December 31,
2022 2021 2020
Derivatives designated as cash flow hedges:
Interest rate swaps $ (177,451) $ (25,117) $ 86,367 
The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Year Ended December 31,
2022 2021 2020
Interest expense, net Other expense, net Interest expense, net Other expense, net Interest expense, net Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
(Gains) losses reclassified from AOCI into income $ (2,407) $ —  $ 21,517  $ —  $ 12,971  $ — 
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income —  (189,710) —  (21,387) —  (2,911)
Total (gains) losses $ (2,407) $ (189,710) $ 21,517  $ (21,387) $ 12,971  $ (2,911)