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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
 
The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

As of March 31, 2022, the Company had the following LIBOR, Secured Overnight Financing Rate ("SOFR"), and BSBY interest rate caps ($ in thousands):
Effective DateMaturity DateNotional AmountStrike RatePremium Paid
5/15/20196/1/2022$100,000 
2.50% (LIBOR)
$288 
7/1/20207/1/2023100,000 
(a)
0.50% (LIBOR)
232 
11/1/202011/1/202384,375 
(a)
1.84% (SOFR)
(b)
91 
2/2/20212/1/2023100,000 
0.50% (LIBOR)
45 
3/4/20214/1/202314,479 
2.50% (LIBOR)
4 
5/5/20215/1/202350,000 
0.50% (LIBOR)
75 
5/5/20215/1/202335,100 
0.50% (LIBOR)
55 
6/16/20217/1/2023100,000 
0.50% (LIBOR)
120 
1/11/20222/1/2024175,000 
4.00% (BSBY)
(b)
154 
Total$758,954 $1,064 
________________________________________
(a) Designated as a cash flow hedge.
(b) These interest rate caps are subject to SOFR and BSBY, which have been identified as alternatives to LIBOR.

As of March 31, 2022, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):
Related DebtNotional AmountIndexSwap Fixed RateDebt effective rateEffective DateExpiration Date
Senior unsecured term loan$50,000 
(a)
1-month LIBOR2.26 %3.71 %4/1/201910/26/2022
Senior unsecured term loan50,000 1-month LIBOR2.78 %4.23 %5/1/20185/1/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail33,244 
(a)
1-month LIBOR2.25 %3.85 %4/1/20198/10/2023
Senior unsecured term loan10,500 
(a)
1-month LIBOR3.02 %4.47 %10/12/201810/12/2023
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.95 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.95 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.55 %2.00 %4/1/20204/1/2024
Thames Street Wharf70,403 
(a)
1-month BSBY
(b)
1.05 %2.35 %9/30/20219/30/2026
Total$289,147 
________________________________________
(a) Designated as a cash flow hedge.
(b) This interest rate swap is subject to BSBY, which has been identified as an alternative to LIBOR.

For the interest rate swaps and caps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Condensed Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates recognizing approximately $2.2 million of net hedging gains as reductions to interest expense. These amounts will be reclassified from accumulated other comprehensive gain into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives were comprised of the following as of March 31, 2022 and December 31, 2021 (in thousands): 
 March 31, 2022December 31, 2021
 Notional
Amount		Fair ValueNotional
Amount		Fair Value
 AssetLiability AssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$50,000 $— $(533)$50,000 $— $(1,454)
Interest rate caps574,579 4,468 — 399,579 1,019 — 
Total derivatives not designated as accounting hedges624,579 4,468 (533)449,579 1,019 (1,454)
Derivatives designated as accounting hedges
Interest rate swaps239,146 6,414 (530)239,633 1,317 (2,013)
Interest rate caps184,375 2,477 — 384,375 590 — 
Total derivatives$1,048,100 $13,359 $(1,063)$1,073,587 $2,926 $(3,467)
The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2022 and 2021 were comprised of the following (in thousands): 
 Three Months Ended March 31,
 20222021
Interest rate swaps$6,757 $2,462 
Interest rate caps5,182 241 
Total change in fair value of interest rate derivatives$11,939 $2,703 
Comprehensive income statement presentation:
Change in fair value of derivatives and other$4,217 $427 
Unrealized cash flow hedge gains (losses)7,722 2,276 
Total change in fair value of interest rate derivatives$11,939 $2,703