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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 (dollars in thousands) (See Note 14):

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						$	(4,079)
Interest Rate Swaps						100,000						September 27, 2024						April 1, 2025						2.688		%	—			2.688		%				N/A						—
						700,000																																				(4,079)
SMBP LLC (1)
Interest Rate Swaps						200,000						December 14, 2023						April 1, 2025						2.661		%	—			2.688		%				N/A						—
						$	900,000																																			$	(4,079)

_______________

(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 months ended March 31, 2025 and 2024 (in thousands):

						Three months ended March 31,
						2025						2024
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1)						$	(13,276)					$	16,351
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)						$	3,081					$	3,360
Amount of gain (loss) related to 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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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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