Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of March 31, 2022, the Company had the following LIBOR, Secured Overnight Financing Rate ("SOFR"), and BSBY 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
7/1/2020	7/1/2023	100,000		(a)	0.50% (LIBOR)		232
11/1/2020	11/1/2023	84,375		(a)	1.84% (SOFR)	(b)	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
1/11/2022	2/1/2024	175,000			4.00% (BSBY)	(b)	154
Total		$	758,954				$	1,064

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(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 Debt	Notional Amount			Index		Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000	(a)	1-month LIBOR		2.26	%	3.71	%	4/1/2019	10/26/2022
Senior unsecured term loan	50,000			1-month LIBOR		2.78	%	4.23	%	5/1/2018	5/1/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,244		(a)	1-month LIBOR		2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	10,500		(a)	1-month LIBOR		3.02	%	4.47	%	10/12/2018	10/12/2023
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
Thames Street Wharf	70,403		(a)	1-month BSBY	(b)	1.05	%	2.35	%	9/30/2021	9/30/2026
Total	$	289,147

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(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.

Schedule of derivatives

The Company’s derivatives were comprised of the following as of March 31, 2022 and December 31, 2021 (in thousands): 

	March 31, 2022						December 31, 2021
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(533)	$	50,000	$	—	$	(1,454)
Interest rate caps	574,579		4,468		—		399,579		1,019		—
Total derivatives not designated as accounting hedges	624,579		4,468		(533)		449,579		1,019		(1,454)
Derivatives designated as accounting hedges
Interest rate swaps	239,146		6,414		(530)		239,633		1,317		(2,013)
Interest rate caps	184,375		2,477		—		384,375		590		—
Total derivatives	$	1,048,100	$	13,359	$	(1,063)	$	1,073,587	$	2,926	$	(3,467)

Schedule of changes in fair value of derivatives

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,
	2022		2021
Interest rate swaps	$	6,757	$	2,462
Interest rate caps	5,182		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