Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

As of September 30, 2019, the Company had the following LIBOR interest rate caps ($ in thousands), which are not designated as cash flow hedges for accounting purposes:

Origination Date	Expiration Date	Notional Amount		Strike Rate		Premium Paid
9/18/2017	10/1/2019	$	50,000	1.50	%	$	199
11/28/2017	12/1/2019	50,000		1.50	%	359
3/7/2018	4/1/2020	50,000		2.25	%	310
7/16/2018	8/1/2020	50,000		2.50	%	319
12/11/2018	1/1/2021	50,000		2.75	%	210
5/15/2019	6/1/2022	100,000		2.50	%	288
Total		$	350,000			$	1,685

As of September 30, 2019, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):

Related Debt	Notional Amount			Index	Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000		1-month LIBOR	2.00	%	3.50	%	3/1/2016	2/20/2020
Senior unsecured term loan	50,000			1-month LIBOR	2.78	%	4.28	%	5/1/2018	5/1/2023
John Hopkins Village	52,032		(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		(a)(b)	1-month LIBOR	3.02	%	4.52	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	34,456		(a)	1-month LIBOR	2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	50,000		(a)	1-month LIBOR	2.26	%	3.76	%	4/1/2019	10/22/2022
Total	$	246,988

________________________________________

(a) Designated as a cash flow hedge.

(b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace.

This loan was paid off on August 15, 2019. This swap is now being used as a hedge for the cash flows for a portion of the

Company's unsecured term loan facility.

Schedule of derivatives

The Company’s derivatives were comprised of the following as of September 30, 2019 and December 31, 2018 (in thousands): 

	September 30, 2019							December 31, 2018
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	100,000	$	—	$	(2,416	)	$	100,000	$	303	$	(749	)
Interest rate caps	350,000		122		—			350,000		1,790		—
Total derivatives not designated as accounting hedges	450,000		122		(2,416		)	450,000		2,093		(749		)
Derivatives designated as accounting hedges
Interest rate swaps	146,988		—		(7,204		)	63,208		—		(1,725		)
Total derivatives	$	596,988	$	122	$	(9,620	)	$	513,208	$	2,093	$	(2,474	)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2019 and 2018 were comprised of the following (in thousands): 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Interest rate swaps	$	(1,477	)	$	319		$	(7,679	)	$	673
Interest rate caps	(299		)	(151		)	(1,956		)	453
Total change in fair value of interest rate derivatives	$	(1,776	)	$	168		$	(9,635	)	$	1,126
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(529	)	$	298		$	(3,926	)	$	1,256
Unrealized cash flow hedge gains losses	(1,247		)	(130		)	(5,709		)	(130		)
Total change in fair value of interest rate derivatives	$	(1,776	)	$	168		$	(9,635	)	$	1,126