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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | BPLP’s and SMBP LLC’s derivative contracts consisted of the following at September 30, 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 |  | $ | 600,000 |  |  | December 15, 2023 |  | October 26, 2028 |  | 3.790 | % | — | 3.798 | % |  | Other liabilities |  | $ | (12,600) |
Interest Rate Swaps |  | 100,000 |  |  | September 27, 2024 |  | April 1, 2025 |  | 2.688 | % | — | 2.688 | % |  | Prepaid expenses and other assets |  | 799 |
|  | 700,000 |  |  |  |  |  |  |  |  |  |  |  |  | (11,801) |
SMBP LLC (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | 200,000 |  |  | December 14, 2023 |  | April 1, 2025 |  | 2.661 | % | — | 2.688 | % |  | Prepaid expenses and other assets |  | 1,610 |
|  | $ | 900,000 |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10,191) |
_______________ (1)A consolidated 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 as a result of the Company’s cash flow hedges for the three and nine months ended September 30, 2024 and 2023 (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1) |  | $ | (32,263) |  |  | $ | 5,459 |  |  | $ | (14,976) |  |  | $ | 13,886 |  |  |
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) |  | $ | 3,077 |  |  | $ | 1,677 |  |  | $ | 9,518 |  |  | $ | 5,026 |  |  |
Amount of gain (loss) related 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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