Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands):

Effective Date	Maturity Date	Notional Amount			LIBOR Strike Rate		SOFR Strike Rate		Premium Paid
2/25/2016	3/1/2018	$	75,000		1.50	%	N/A		$	57
6/17/2016	6/17/2018	70,000			1.00	%	N/A		150
2/7/2017	3/1/2019	50,000			1.50	%	N/A		187
6/23/2017	7/1/2019	50,000			1.50	%	N/A		154
9/18/2017	10/1/2019	50,000			1.50	%	N/A		199
11/28/2017	12/1/2019	50,000			1.50	%	N/A		359
3/7/2018	4/1/2020	50,000			2.25	%	N/A		310
7/16/2018	8/1/2020	50,000			2.50	%	N/A		319
12/11/2018	1/1/2021	50,000			2.75	%	N/A		210
5/15/2019	6/1/2022	100,000			2.50	%	N/A		288
1/10/2020	2/1/2022	50,000		(a)	1.75	%	N/A		87
1/28/2020	2/1/2022	50,000		(a)	1.75	%	N/A		62
3/2/2020	3/1/2022	100,000		(a)	1.50	%	N/A		111
7/1/2020	7/1/2023	100,000		(a)	0.50	%	N/A		232
11/1/2020	11/1/2023	84,375		(a)	N/A		1.84	%	91
									$	2,816

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(a) Designated as a cash flow hedge.

As of December 31, 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	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	50,859		(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	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,872		(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	%	3.71	%	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	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.55	%	2.00	%	4/1/2020	4/1/2024
Total	$	340,231

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(a) Designated as a cash flow hedge.

Schedule of derivatives

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

	December 31, 2020						December 31, 2019
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,056)	$	100,000	$	—	$	(1,992)
Interest rate caps	150,000		4		—		250,000		25		—
Total derivatives not designated as accounting hedges	200,000		4		(3,056)		350,000		25		(1,992)
Derivatives designated as accounting hedges
Interest rate swaps	290,231		—		(11,797)		146,642		—		(5,728)
Interest rate caps	384,375		86		—		—		—		—
Total derivatives	$	874,606	$	90	$	(14,853)	$	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 years ended December 31, 2020, 2019, and 2018 was as follows (in thousands):

	Years Ended December 31,
	2020		2019		2018
Interest rate swaps	$	(10,318)	$	(6,050)	$	(2,281)
Interest rate caps	(518)		(2,053)		(564)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	(1,085)	$	(3,599)	$	(951)
Unrealized cash flow hedge losses	(9,751)		(4,504)		(1,894)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)