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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps
As of June 30, 2022, the Company had the following LIBOR, SOFR, and BSBY interest rate caps ($ in thousands):
Effective DateMaturity DateNotional AmountStrike RatePremium Paid
7/1/20207/1/2023$100,000 
(a)
0.50% (LIBOR)
$232 
11/1/202011/1/202384,375 
(a)
1.84% (SOFR)
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)
154 
4/7/20222/1/2024175,000 
(a)
1.00%-3.00% (BSBY)
(b)
3,595 
9/1/20229/1/202473,562 
(a)
1.00%-3.00% (SOFR)
(b)(c)
1,370 
Total$907,516 $5,741 
________________________________________
(a) Designated as a cash flow hedge.
(b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument.
(c) The Company purchased this interest rate cap corridor during the three months ended June 30, 2022 with an effective date of September 1, 2022. The notional amount represents the maximum notional amount that will eventually be in effect. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan.

As of June 30, 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 Retail33,115 
(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 Wharf70,044 
(a)
1-month BSBY1.05 %2.35 %9/30/20219/30/2026
Total$288,659 
________________________________________
(a) Designated as a cash flow hedge.
Schedule of derivatives
The Company’s derivatives were comprised of the following as of June 30, 2022 and December 31, 2021 (in thousands): 
 June 30, 2022December 31, 2021
 Notional
Amount		Fair ValueNotional
Amount		Fair Value
 AssetLiability AssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$50,000 $90 $— $50,000 $— $(1,454)
Interest rate caps474,579 6,519 — 399,579 1,019 — 
Total derivatives not designated as accounting hedges524,579 6,609 — 449,579 1,019 (1,454)
Derivatives designated as accounting hedges
Interest rate swaps238,659 8,453 — 239,633 1,317 (2,013)
Interest rate caps360,472 9,208 — 384,375 590 — 
Total derivatives$1,123,710 $24,270 $— $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 and six months ended June 30, 2022 and 2021 were comprised of the following (in thousands): 
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Interest rate swaps$2,807 $(86)$9,564 $2,375 
Interest rate caps3,817 (35)8,999 207 
Total change in fair value of interest rate derivatives$6,624 $(121)$18,563 $2,582 
Comprehensive income statement presentation:
Change in fair value of derivatives and other$2,674 $348 $6,891 $775 
Unrealized cash flow hedge gains (losses)3,950 (469)11,672 1,807 
Total change in fair value of interest rate derivatives$6,624 $(121)$18,563 $2,582