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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

BPLP’s and SMBP LLC’s interest rate swap contracts consisted of the following at March 31, 2024 (dollars in thousands):

Derivative Instrument						Aggregate Notional Amount																		Strike Rate Range												Balance Sheet Location
												Effective Date						Maturity Date						Low						High												Fair Value
BPLP:
Interest Rate Swaps						$	1,200,000					May 4, 2023						May 16, 2024						4.638		%	—			4.646		%				Prepaid expenses and other assets						$	1,006
Interest Rate Swaps						600,000						December 15, 2023						October 26, 2028						3.790		%	—			3.798		%				Prepaid expenses and other assets						4,646
						1,800,000																																				5,652
SMBP LLC (1)
Interest Rate Swaps						300,000						December 14, 2023						April 1, 2025						2.661		%	—			2.688		%				Prepaid expenses and other assets						6,646
						$	2,100,000																																			$	12,298

_______________

(1)A subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property.

Derivative Instruments, Gain (Loss)

The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three months ended March 31, 2024 and 2023 (in thousands):

						Three months ended March 31,
						2024						2023
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)						$	16,351					$	(6,538)
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)						$	3,360					$	1,675
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing						$	—					$	—

_______________

(1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.

(2)Includes amounts from previous interest rate programs.

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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-Name Accounting Standards Codification
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