v3.26.1
Derivative Contracts (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Derivatives
The table below summarizes our derivative contracts as of March 31, 2026:
Number of Interest Rate ContractsNotional
(In thousands)
Derivatives Designated as Cash Flow Hedges:
Consolidated derivatives - swaps(1)(2)(3)
21$2,574,100 
Derivatives Not Designated as Cash Flow Hedges:
Consolidated derivatives - caps(1)(2)(3)
6$1,202,000 
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(1)The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 7 for more information about our hedged consolidated debt.
(2)Our derivative contracts do not provide for right of offset between derivative contracts.
(3)See Note 12 for our derivative fair value disclosures.
Schedule of Derivative Assets at Fair Value The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)March 31, 2026December 31, 2025
Consolidated derivatives(1)
$24,507 $25,187 
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(1)The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives.
Schedule of Derivative Liabilities at Fair Value The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)March 31, 2026December 31, 2025
Consolidated derivatives(1)
$2,197 $6,338 
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(1)The amounts include 100%, not our pro-rata share, of our consolidated JVs' derivatives.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations
The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations:

(In thousands)Three Months Ended March 31,
 20262025
Derivatives Designated as Cash Flow Hedges:  
Consolidated derivatives:
Gains (Losses) recorded in AOCI before reclassifications(1)
$11,717 $(6,778)
Gains reclassified from AOCI to Interest Expense(1)
$(6,716)$(22,050)
Interest expense presented on the consolidated statements of operations$(64,541)$(60,078)
Unconsolidated Fund's derivatives (our share)(2):
Gain reclassified from AOCI to Gain from consolidation of JV$— $(4,762)
Gain from consolidation of JV presented on the consolidated statements of operations(2)
$— $47,212 
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(1)See Note 10 for our AOCI reconciliation.
(2)We did not have any unconsolidated entities during the three months ended March 31, 2026 and March 31, 2025. We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.