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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

BPLP’s derivative contracts consisted of the following at September 30, 2025 (dollars in thousands):

Derivative Instrument						Aggregate Notional Amount																		Strike Rate Range												Balance Sheet Location
												Effective Date						Maturity Date						Low						High												Fair Value
Interest Rate Swaps						$	600,000					December 15, 2023						October 26, 2028						3.790		%	—			3.798		%				Other liabilities						$	(8,709)
Interest Rate Swaps						300,000						April 7, 2025						April 6, 2026						3.678		%	—			3.678		%				Prepaid expenses and other assets						199
						$	900,000																																			$	(8,510)

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, 2025 and 2024 (in thousands):

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1)						$	(1,280)					$	(32,263)					$	(20,192)					$	(14,976)
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)						$	1,677					$	3,077					$	6,450					$	9,518
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

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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-Section 50
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