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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
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 InstrumentAggregate Notional Amount Strike Rate RangeBalance Sheet Location
Effective Date Maturity DateLow High Fair Value
BPLP:
Interest Rate Swaps$600,000 December 15, 2023October 26, 20283.790 %—3.798 %Other liabilities$(12,600)
Interest Rate Swaps100,000 September 27, 2024April 1, 20252.688 %—2.688 %Prepaid expenses and other assets799 
700,000 (11,801)
SMBP LLC (1)
Interest Rate Swaps200,000 December 14, 2023April 1, 20252.661 %—2.688 %Prepaid expenses and other assets1,610 
$900,000 $(10,191)
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(1)A consolidated subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property.
Derivative Instruments, Gain (Loss)
The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (1)$(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 $5,026 
Amount of gain (loss) related do the ineffective portion and amount excluded from effectiveness testing$— $— $— $— 
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(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.