Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of June 30, 2021, the Company had the following LIBOR and Secured Overnight Financing Rate ("SOFR") interest rate caps ($ in thousands):

Effective Date	Maturity Date	Notional Amount			Strike Rate		Premium Paid
5/15/2019	6/1/2022	$	100,000		2.50% (LIBOR)		$	288
1/10/2020	2/1/2022	50,000		(b)	1.75% (LIBOR)		87
1/28/2020	2/1/2022	50,000		(b)	1.75% (LIBOR)		62
3/2/2020	3/1/2022	100,000		(b)	1.50% (LIBOR)		111
7/1/2020	7/1/2023	100,000		(b)	0.50% (LIBOR)		232
11/1/2020	11/1/2023	84,375		(b)	1.84% (SOFR)	(a)	91
2/2/2021	2/1/2023	100,000			0.50% (LIBOR)		45
3/4/2021	4/1/2023	14,479			2.50% (LIBOR)		4
5/5/2021	5/1/2023	50,000			0.50% (LIBOR)		75
5/5/2021	5/1/2023	35,100			0.50% (LIBOR)		55
6/16/2021	7/1/2023	100,000			0.50% (LIBOR)		120
Total		$	783,954				$	1,170

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(a) This interest rate cap is subject to SOFR, which has been identified as the alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021.

(b) Designated as a cash flow hedge.

As of June 30, 2021, 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	50,367		(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	33,629		(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	$	339,496

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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 June 30, 2021 and December 31, 2020 (in thousands): 

	June 30, 2021						December 31, 2020
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(2,339)	$	50,000	$	—	$	(3,056)
Interest rate caps	399,579		359		—		150,000		4		—
Total derivatives not designated as accounting hedges	449,579		359		(2,339)		200,000		4		(3,056)
Derivatives designated as accounting hedges
Interest rate swaps	289,497		—		(8,075)		290,231		—		(11,797)
Interest rate caps	384,375		236		—		384,375		86		—
Total derivatives	$	1,123,451	$	595	$	(10,414)	$	874,606	$	90	$	(14,853)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2021 and 2020 were comprised of the following (in thousands): 

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest rate swaps	$	(86)	$	(2,147)	$	2,375	$	(11,230)
Interest rate caps	(34)		(138)		207		(280)
Total change in fair value of interest rate derivatives	$	(120)	$	(2,285)	$	2,582	$	(11,510)
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	348	$	(6)	$	775	$	(1,742)
Unrealized cash flow hedge gains (losses)	(468)		(2,279)		1,807		(9,768)
Total change in fair value of interest rate derivatives	$	(120)	$	(2,285)	$	2,582	$	(11,510)