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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps | As of March 31, 2021, the Company had the following LIBOR and Secured Overnight Financing Rate ("SOFR") interest rate caps ($ in thousands):
Effective Date |  | Maturity Date |  | Notional Amount |  | Strike Rate |  |  |  | Premium Paid
5/15/2019 |  | 6/1/2022 |  | $ | 100,000 |  |  | 2.50% (LIBOR) |  |  |  | $ | 288 |
1/10/2020 |  | 2/1/2022 |  | 50,000 |  | (b) | 1.75% (LIBOR) |  |  |  | 87 |
1/28/2020 |  | 2/1/2022 |  | 50,000 |  | (b) | 1.75% (LIBOR) |  |  |  | 62 |
3/2/2020 |  | 3/1/2022 |  | 100,000 |  | (b) | 1.50% (LIBOR) |  |  |  | 111 |
7/1/2020 |  | 7/1/2023 |  | 100,000 |  | (b) | 0.50% (LIBOR) |  |  |  | 232 |
11/1/2020 |  | 11/1/2023 |  | 84,375 |  | (b) | 1.84% (SOFR) |  |  | (a) | 91 |
2/2/2021 |  | 2/1/2023 |  | 100,000 |  |  | 0.50% (LIBOR) |  |  |  | 45 |
3/4/2021 |  | 4/1/2023 |  | 14,479 |  |  | 2.50% (LIBOR) |  |  |  | 4 |
Total |  |  |  | $ | 598,854 |  |  |  |  |  |  | $ | 920 |
________________________________________ (a) This interest rate cap is subject to SOFR, which has been identified as the alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. (b) Designated as a cash flow hedge As of March 31, 2021, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):
Related Debt |  | Notional Amount |  |  | Index |  | Swap Fixed Rate |  | Debt effective rate |  | Effective Date |  | Expiration Date
Senior unsecured term loan |  | $ | 50,000 |  |  |  | 1-month LIBOR |  | 2.78 | % |  | 4.23 | % |  | 5/1/2018 |  | 5/1/2023
John Hopkins Village |  | 50,609 |  | (a) |  | 1-month LIBOR |  | 2.94 | % |  | 4.19 | % |  | 8/7/2018 |  | 8/7/2025
Senior unsecured term loan |  | 10,500 |  | (a) |  | 1-month LIBOR |  | 3.02 | % |  | 4.47 | % |  | 10/12/2018 |  | 10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail |  | 33,750 |  | (a) |  | 1-month LIBOR |  | 2.25 | % |  | 3.85 | % |  | 4/1/2019 |  | 8/10/2023
Senior unsecured term loan |  | 50,000 |  | (a) |  | 1-month LIBOR |  | 2.26 | % |  | 3.71 | % |  | 4/1/2019 |  | 10/26/2022
Thames Street Wharf |  | 70,000 |  | (a) |  | 1-month LIBOR |  | 0.51 | % |  | 1.81 | % |  | 3/26/2020 |  | 6/26/2024
Senior unsecured term loan |  | 25,000 |  | (a) |  | 1-month LIBOR |  | 0.50 | % |  | 1.95 | % |  | 4/1/2020 |  | 4/1/2024
Senior unsecured term loan |  | 25,000 |  | (a) |  | 1-month LIBOR |  | 0.50 | % |  | 1.95 | % |  | 4/1/2020 |  | 4/1/2024
Senior unsecured term loan |  | 25,000 |  | (a) |  | 1-month LIBOR |  | 0.55 | % |  | 2.00 | % |  | 4/1/2020 |  | 4/1/2024
Total |  | $ | 339,859 |  |  |  |  |  |  |  |  |  |  |  |
________________________________________ (a) Designated as a cash flow hedge.
Schedule of derivatives | The Company’s derivatives were comprised of the following as of March 31, 2021 and December 31, 2020 (in thousands):
|  | March 31, 2021 |  | December 31, 2020
|  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
|  |  |  | Asset |  | Liability |  |  |  | Asset |  | Liability
Derivatives not designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 50,000 |  |  | $ | — |  |  | $ | (2,665) |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | (3,056) |
Interest rate caps |  | 214,480 |  |  | 88 |  |  | — |  |  | 150,000 |  |  | 4 |  |  | — |
Total derivatives not designated as accounting hedges |  | 264,480 |  |  | 88 |  |  | (2,665) |  |  | 200,000 |  |  | 4 |  |  | (3,056) |
Derivatives designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 289,859 |  |  | — |  |  | (8,707) |  |  | 290,231 |  |  | — |  |  | (11,797) |
Interest rate caps |  | 384,375 |  |  | 292 |  |  | — |  |  | 384,375 |  |  | 86 |  |  | — |
Total derivatives |  | $ | 938,714 |  |  | $ | 380 |  |  | $ | (11,372) |  |  | $ | 874,606 |  |  | $ | 90 |  |  | $ | (14,853) |
Schedule of changes in fair value of derivatives | The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2021 and 2020 were comprised of the following (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
Interest rate swaps |  | $ | 2,462 |  |  | $ | (9,084) |  |  |  |  |
Interest rate caps |  | 241 |  |  | (141) |  |  |  |  |
Total change in fair value of interest rate derivatives |  | $ | 2,703 |  |  | $ | (9,225) |  |  |  |  |
Comprehensive income statement presentation: |  |  |  |  |  |  |  |
Change in fair value of derivatives and other |  | $ | 427 |  |  | $ | (1,736) |  |  |  |  |
Unrealized cash flow hedge gains (losses) |  | 2,276 |  |  | (7,489) |  |  |  |  |
Total change in fair value of interest rate derivatives |  | $ | 2,703 |  |  | $ | (9,225) |  |  |  |  |

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