Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at December 31, 2023 (dollars in thousands):


Derivative Instrument	Aggregate Notional Amount				Strike Rate Range					Balance Sheet Location
			Effective Date	Maturity Date	Low			High			Fair Value
BPLP:
Interest Rate Swaps	$	1,200,000	May 4, 2023	May 16, 2024	4.638	%	—	4.646	%	Prepaid expenses and other assets	$	2,548
Interest Rate Swaps	600,000		December 15, 2023	October 26, 2028	3.790	%	—	3.798	%	Other liabilities	(7,198)
	1,800,000										(4,650)
SMBP LLC
Interest Rate Swaps	300,000		December 14, 2023	April 1, 2025	2.661	%	—	2.688	%	Prepaid expenses and other assets	6,626
	$	2,100,000									$	1,976

Derivative Instruments, Gain (Loss)

The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year ended December 31,
		2023		2022		2021
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)		$	(14,405)	$	19,396	$	8,544
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)		$	6,703	$	6,707	$	6,704
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing		$	—	$	—	$	—

_______________

(1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.

(2)Consists of amounts from previous interest rate programs.