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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of LIBOR Interest Rate Caps and Floating to Fixed Interest Rate Swaps
As of September 30, 2023, the Company had the following SOFR interest rate caps ($ in thousands):
Effective DateMaturity DateNotional AmountStrike RatePremium Paid
11/1/202011/1/2023$84,375 
(a)
1.84 %$91 
7/5/20221/1/202435,100 
(a)
1.00%-3.00%
(b)
120 
(c)
9/1/20229/1/202457,089 
(a)(d)
1.00%-3.00%
(b)
1,370 
Total$176,564 $1,581 
________________________________________
(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) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended for a net zero premium during the year ended December 31, 2022.
(d) Represents the notional amount as of September 30, 2023. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. The maximum notional amount that will eventually be in effect is $73.6 million.

As of September 30, 2023, 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$10,500 
(a)
1-month SOFR
(b)
2.94 %4.34 %10/12/201810/12/2023
Floating rate pool of loans 50,000 
(a)(c)
1-month SOFR3.40 %4.91 %7/5/20231/1/2024
Constellation Energy Building175,000 
(a)(d)
1-month SOFR1.84 %3.46 %4/1/20232/1/2024
Floating rate pool of loans 200,000 
(a)(e)
1-month SOFR3.39 %4.90 %7/1/20233/1/2024
Senior unsecured term loan25,000 
(a)
1-month SOFR
(b)
0.42 %1.82 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month SOFR
(b)
0.33 %1.73 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
Daily SOFR
(b)
0.44 %1.84 %4/1/20204/1/2024
Harbor Point Parcel 3 senior construction loan90,000 
(f)
1-month SOFR2.75 %4.82 %10/2/202310/1/2025
Floating rate pool of loans 330,000 
(g)
1-month SOFR2.75 %4.26 %10/1/202310/1/2025
Revolving credit facility and TD unsecured term loan
100,000 Daily SOFR3.20 %4.70 %5/19/20235/19/2026
(h)
Thames Street Wharf68,253 
(a)
Daily SOFR
(b)
0.93 %2.33 %9/30/20219/30/2026
M&T unsecured term loan100,000 
(a)
1-month SOFR3.50 %4.90 %12/6/202212/6/2027
Senior unsecured term loan100,000 1-month SOFR3.43 %4.83 %12/13/20221/21/2028
Total$1,298,753 
________________________________________
(a) Designated as a cash flow hedge.
(b) Transitioned to SOFR during the nine months ended September 30, 2023.
(c) On July 6, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $50.0 million, and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(d) Effective April 4, 2023, the Company terminated its 4.00% BSBY interest rate cap with a notional amount of $175.0 million and its BSBY corridor of 1.00%-3.00% with a notional amount of $175.0 million and, effective April 3, 2023, entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(e) On July 5, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $200.0 million, and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(f) This interest rate swap agreement reduces the Company's interest rate exposure on the $180.4 million senior construction loan secured by the Company's Harbor Point Parcel 3 equity method investment as described in Note 5. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.6 million to reduce the swap fixed rate. This interest rate swap agreement was executed in September 2023, but was not effective until October 2, 2023.
(g) The Company paid $13.3 million to reduce the swap fixed rate. This interest rate swap agreement was executed in September 2023, but was not effective until October 1, 2023.
(h) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.
Schedule of Derivatives
The Company’s derivatives were comprised of the following as of September 30, 2023 and December 31, 2022 (in thousands): 
 September 30, 2023December 31, 2022
 Notional
Amount		Fair ValueNotional
Amount		Fair Value
 AssetLiability AssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$620,000 $22,465 $— $250,000 $2,201 $— 
Interest rate caps— — — 289,479 2,102 — 
Total derivatives not designated as accounting hedges620,000 22,465 — 539,479 4,303 — 
Derivatives designated as accounting hedges
Interest rate swaps678,753 15,777 — 187,670 11,247 — 
Interest rate caps176,564 1,680 — 561,200 13,565 — 
Total derivatives$1,475,317 $39,922 $— $1,288,349 $29,115 $— 
Schedule of Changes in Fair Value of Derivatives
The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2023 and 2022 were comprised of the following (in thousands): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Interest rate swaps$4,952 $4,330 $12,188 $13,894 
Interest rate caps20 3,587 (346)12,586 
Total change in fair value of interest rate derivatives$4,972 $7,917 $11,842 $26,480 
Comprehensive income statement presentation:
Change in fair value of derivatives and other$1,484 $809 $1,974 $7,700 
Unrealized cash flow hedge gains3,488 7,108 9,868 18,780 
Total change in fair value of interest rate derivatives$4,972 $7,917 $11,842 $26,480