XML 46 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 (dollars in thousands):
Derivative InstrumentAggregate Notional Amount Strike Rate RangeBalance Sheet Location
Effective Date Maturity DateLow High Fair Value
BPLP:
Interest Rate Swaps$600,000 December 15, 2023October 26, 20283.790 %—3.798 %Prepaid expenses and other assets$6,768 
SMBP LLC (1)
Interest Rate Swaps300,000 December 14, 2023April 1, 20252.661 %—2.688 %Prepaid expenses and other assets5,302 
$900,000 $12,070 
_______________
(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 and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended June 30,Six months ended June 30,
2024202320242023
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)$936 $14,965 $17,287 $8,427 
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)$3,081 $1,674 $6,441 $3,349 
Amount of gain (loss) relate do the ineffective portion and amount excluded from effectiveness testing$— $— $— $— 
_______________
(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.