Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps

As of September 30, 2020, the Company had the following LIBOR interest rate caps ($ in thousands):

Effective Date	Maturity Date	Notional Amount			Strike Rate		Premium Paid
12/11/2018	1/1/2021	$	50,000		2.75	%	$	210
5/15/2019	6/1/2022	100,000			2.50	%	288
1/10/2020	2/1/2022	50,000		(a)	1.75	%	87
1/28/2020	2/1/2022	50,000		(a)	1.75	%	62
3/1/2020	3/1/2022	100,000		(a)	1.50	%	111
7/1/2020	7/1/2023	100,000		(a)	0.50	%	232
Total		$	450,000				$	990

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(a) Designated as a cash flow hedge.

As of September 30, 2020, 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	2.78	%	4.33	%	5/1/2018	5/1/2023
John Hopkins Village	51,101		(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		(a)	1-month LIBOR	3.02	%	4.57	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,993		(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	%	3.81	%	4/1/2019	10/26/2022
Thames Street Wharf	70,000		(a)	1-month LIBOR	0.51	%	1.81	%	3/26/2020	6/26/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.55	%	2.10	%	4/1/2020	4/1/2024
Total	$	340,594

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(a) Designated as a cash flow hedge.

Schedule of derivatives

The Company’s derivatives were comprised of the following as of September 30, 2020 and December 31, 2019 (in thousands): 

	September 30, 2020							December 31, 2019
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,389	)	$	100,000	$	—	$	(1,992	)
Interest rate caps	150,000		11		—			250,000		25		—
Total derivatives not designated as accounting hedges	200,000		11		(3,389		)	350,000		25		(1,992		)
Derivatives designated as accounting hedges
Interest rate swaps	290,594		—		(13,081		)	146,642		—		(5,728		)
Interest rate caps	300,000		115		—			—		—		—
Total derivatives	$	790,594	$	126	$	(16,470	)	$	496,642	$	25	$	(7,720	)

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, 2020 and 2019 were comprised of the following (in thousands): 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Interest rate swaps	$	323		$	(1,477	)	$	(10,907	)	$	(7,679	)
Interest rate caps	(111		)	(299		)	(391		)	(1,956		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	330		$	(529	)	$	(1,412	)	$	(3,926	)
Unrealized cash flow hedge losses	(118		)	(1,247		)	(9,886		)	(5,709		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)