v3.26.1
Financial Instruments: Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Fair Value of Derivative Financial Instruments and Foreign Currency Hedges
The following table summarizes the notional value at inception and fair value of our consolidated interest rate derivatives as of June 30, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		Balance Sheet LocationFair
Value
Interest Rate Swap$125,000 3.667 %August 2024December 2026 Other Assets $100 
Interest Rate Swap125,0003.670 %August 2024December 2026 Other Assets 99 
Interest Rate Swap200,0002.591 %February 2023February 2027 Other Assets 1,490 
Interest Rate Swap100,0002.903 %February 2023February 2027 Other Assets 561 
Interest Rate Swap100,0002.733 %February 2023February 2027 Other Assets 661 
Interest Rate Swap50,0002.463 %February 2023February 2027 Other Assets 410 
Interest Rate Swap300,0002.866 %July 2023May 2027 Other Assets 2,622 
Interest Rate Swap150,0003.524 %January 2024May 2027 Other Assets 514 
Interest Rate Swap370,0003.888 %November 2022June 2027 Other Assets 165 
Interest Rate Swap68,6784.466 %August 2024June 2027 Other Liabilities (354)
Interest Rate Sold Cap73,1254.000 %June 2026June 2027 Other Liabilities (140)
Interest Rate Swap100,0003.756 %January 2023January 2028 Other Assets 317 
Interest Rate Swap80,0004.174 %February 2025February 2028 Other Liabilities (278)
Interest Rate Swap204,2883.915 %February 2025May 2028 Other Assets 114 
Interest Rate Swap357,5002.982 %June 2027June 2028 Other Assets 3,349 
Interest Rate Swap225,0003.920 %February 2027January 2029 Other Liabilities — 
Interest Rate Swap177,0003.331 %February 2026February 2029 Other Assets 2,510 
Interest Rate Swap225,0003.865 %February 2027January 2030 Other Assets 11 
Interest Rate Lock100,000— %June 2026December 2026Other Liabilities(34)
Interest Rate Lock100,000— %June 2026December 2026Other Liabilities$(34)
$12,083 
The following table summarizes the notional value at inception and fair value of our unconsolidated joint ventures' interest derivatives as of June 30, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		ClassificationFair
Value
Interest Rate Cap$500,000 5.250 %February 2026April 2027 Asset $77 
Interest Rate Cap292,500 4.000 %June 2026June 2027 Asset 559 
Interest Rate Swap537,500 4.065 %July 2024September 2028 Liability (1,662)
Interest Rate Swap268,750 4.058 %July 2024September 2028 Liability (786)
Interest Rate Swap268,750 4.039 %July 2024September 2028 Liability (677)
$(2,489)
The following table summarizes the notional value at inception and fair value of our consolidated foreign exchange derivatives as of June 30, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, foreign exchange rates or market risks (dollars in thousands).
Notional
Value		Effective
Date		Expiration
Date		Balance Sheet LocationFair
Value
Foreign Exchange Forward Contracts$39,878 March 2026July 2026 - June 2027Other liabilities$(451)
Foreign Exchange Forward Contracts30,492 March 2026October 2027 - June 2032Other liabilities(283)
$(734)
Schedule of Effect of Derivative Financial Instruments on Consolidated Statements of Income
The following table presents the effect of our interest derivatives and our share of our unconsolidated joint ventures' interest derivatives that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively (in thousands):
Amount of Gain Recognized in
Other Comprehensive (Loss) Income		Location of Gain Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain Reclassified from
Accumulated Other
Comprehensive Income into Income
Three Months Ended June 30,Three Months Ended June 30,
Derivative2026202520262025
Interest Rate Swaps/Caps$8,575 $(3,081)Interest expense$1,322 $5,906 
Share of unconsolidated joint ventures' derivative instruments4,428 (2,622)Equity in net income (loss) from unconsolidated joint ventures(1,066)975 
$13,003 $(5,703)$256 $6,881 

The following table presents the effect of our interest derivatives and our share of our unconsolidated joint ventures' interest derivatives that are designated and qualify as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively (in thousands):
Amount of Gain Recognized in
Other Comprehensive (Loss) Income		Location of Gain Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain Reclassified from
Accumulated Other
Comprehensive Income into Income
Six Months Ended June 30,Six Months Ended June 30,
Derivative2026202520262025
Interest Rate Swaps/Caps$18,954 $(15,395)Interest expense$2,693 $11,623 
Share of unconsolidated joint ventures' derivative instruments8,211 (9,070)Equity in net income (loss) from unconsolidated joint ventures(2,108)1,847 
$27,165 $(24,465)$585 $13,470