Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR Interest Rate Caps

As of December 31, 2024, 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
Harbor Point Parcel 3 senior construction loan	$	90,000	(a)	1-month SOFR	2.75	%	4.82	%	10/2/2023	10/1/2025
Floating rate pool of loans	330,000		(b)	1-month SOFR	2.75	%	4.33	%	10/1/2023	10/1/2025
Harbor Point Parcel 4 senior construction loan	100,000		(c)	1-month SOFR	2.75	%	5.12	%	11/1/2023	11/1/2025
Floating rate pool of loans	300,000		(d)	1-month SOFR	2.75	%	4.33	%	12/1/2023	12/1/2025
Revolving credit facility and TD unsecured term loan	100,000			Daily SOFR	3.20	%	4.70	%	5/19/2023	5/19/2026	(e)
Thames Street Wharf loan	66,057		(f)	Daily SOFR	0.93	%	2.33	%	9/30/2021	9/30/2026
M&T unsecured term loan	100,000		(f)	1-month SOFR	3.50	%	4.90	%	12/6/2022	12/6/2027
Liberty Retail & Apartments loan	21,000		(g)	1-month SOFR	3.43	%	4.93	%	12/13/2022	1/21/2028
Senior unsecured term loan	79,000		(g)	1-month SOFR	3.43	%	4.83	%	12/13/2022	1/21/2028
Total	$	1,186,057

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(a) 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 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 on September 8, 2023.

(b) The Company paid $13.3 million to reduce the swap fixed rate on September 8, 2023.

(c) This interest rate swap agreement reduces the Company's interest rate exposure on the $109.7 million senior construction loan secured by the Company's Harbor Point Parcel 4 equity method investment. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.9 million to reduce the swap fixed rate on October 13, 2023.

(d) The Company paid $10.5 million to reduce the swap fixed rate on November 16, 2023.

(e) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.

(f) Designated as a cash flow hedge.

(g) The Company novated an existing 3.43% fixed rate swap with a $100.0 million notional and assigned (A) $11.1 million notional to the loan secured by Market at Mill Creek, effective April 17, 2024, and (B) $21.0 million to the loan secured by Liberty Retail & Apartments, effective February 1, 2024. Once the Market at Mill Creek loan was repaid, the $67.9 million swap on the senior unsecured loan increased to $79.0 million.

Schedule of Derivatives

The Company’s derivatives comprised the following as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024						December 31, 2023
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	1,020,000	$	11,149	$	—	$	1,020,000	$	20,761	$	—
Derivatives designated as accounting hedges
Interest rate swaps	166,057		4,712		—		667,894		7,141		—
Interest rate caps	—		—		—		98,269		960		—
Total derivatives	$	1,186,057	$	15,861	$	—	$	1,786,163	$	28,862	$	—

Schedule of Changes in Fair Value of Derivatives

The unrealized changes in the fair value of the Company’s derivatives during the years ended December 31, 2024, 2023, and 2022 was as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Interest rate swaps	$	(5,312)	$	(6,981)	$	16,210
Interest rate caps	22		(325)		12,841
Total unrealized change in fair value of interest rate derivatives	$	(5,290)	$	(7,306)	$	29,051
Comprehensive income statement presentation:
Change in fair value of derivatives and other(a)	$	(9,612)	$	(14,185)	$	8,886
Unrealized cash flow hedge gains	4,322		6,879		20,165
Total unrealized change in fair value of interest rate derivatives	$	(5,290)	$	(7,306)	$	29,051

(a) Excludes $23.9 million and $7.9 million of realized changes in the fair value of derivatives for the years ended December 31, 2024 and 2023, respectively.