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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Floating to Fixed Interest Rate Swaps | As of June 30, 2024, 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
Market at Mill Creek loan |  | $ | 11,053 |  | (a) | 1-month SOFR | 3.43 | % |  | 5.09 | % |  | 12/13/2022 |  | 8/1/2025
Harbor Point Parcel 3 senior construction loan |  | 90,000 |  | (b) | 1-month SOFR | 2.75 | % |  | 4.82 | % |  | 10/2/2023 |  | 10/1/2025
Floating rate pool of loans |  | 330,000 |  | (c) | 1-month SOFR | 2.75 | % |  | 4.38 | % |  | 10/1/2023 |  | 10/1/2025
Harbor Point Parcel 4 senior construction loan |  | 100,000 |  | (d) | 1-month SOFR | 2.75 | % |  | 5.12 | % |  | 11/1/2023 |  | 11/1/2025
Floating rate pool of loans |  | 300,000 |  | (e) | 1-month SOFR | 2.75 | % |  | 4.38 | % |  | 12/1/2023 |  | 12/1/2025
Revolving credit facility and TD unsecured term loan |  | 100,000 |  | (f) | Daily SOFR | 3.20 | % |  | 4.84 | % |  | 5/19/2023 |  | 5/19/2026
Thames Street Wharf loan |  | 67,178 |  | (g) | Daily SOFR | 0.93 | % |  | 2.33 | % |  | 9/30/2021 |  | 9/30/2026
M&T unsecured term loan |  | 100,000 |  | (g) | 1-month SOFR | 3.50 | % |  | 5.05 | % |  | 12/6/2022 |  | 12/6/2027
Liberty Retail & Apartments loan |  | 21,000 |  | (a) | 1-month SOFR | 3.43 | % |  | 4.93 | % |  | 12/13/2022 |  | 1/21/2028
Senior unsecured term loan |  | 67,947 |  | (a) | 1-month SOFR | 3.43 | % |  | 4.98 | % |  | 12/13/2022 |  | 1/21/2028
Total |  | $ | 1,187,178 |  |  |  |  |  |  |  |  |  |
________________________________________ (a) The Company novated an existing 3.43% fixed rate swap with a $100.0 million notional and assigned (A) $11.1 million notional to the loan secured by Market at Mill Creek, effective April 17, 2024 and (B) $21.0 million to the loan secured by Liberty Retail & Apartments, effective February 1, 2024. Once the novated swap related to the Market at Mill Creek loan expires, the $67.9 million swap on the senior unsecured loan will increase back to $79.0 million. (b) This interest rate swap agreement reduces the Company's interest rate exposure on the $180.4 million senior construction loan secured by the Company's Harbor Point Parcel 3 equity method investment as described in Note 6. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.6 million to reduce the swap fixed rate. (c) The Company paid $13.3 million to reduce the swap fixed rate. (d) This interest rate swap agreement reduces the Company's interest rate exposure on the $109.7 million senior construction loan secured by the Company's Harbor Point Parcel 4 equity method investment as described in Note 6. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.9 million to reduce the swap fixed rate. (e) The Company paid $10.5 million to reduce the swap fixed rate. (f) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter. (g) Designated as a cash flow hedge.
Schedule of Derivatives | The Company’s derivatives were comprised of the following as of June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024 |  | December 31, 2023
|  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
|  |  |  | Asset |  | Liability |  |  |  | Asset |  | Liability
Derivatives not designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1,020,000 |  |  | $ | 25,321 |  |  | $ | — |  |  | $ | 1,020,000 |  |  | $ | 20,761 |  |  | $ | — |
Interest rate caps |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total derivatives not designated as accounting hedges |  | 1,020,000 |  |  | 25,321 |  |  | — |  |  | 1,020,000 |  |  | 20,761 |  |  | — |
Derivatives designated as accounting hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 167,178 |  |  | 6,964 |  |  | — |  |  | 667,894 |  |  | 7,141 |  |  | — |
Interest rate caps |  | 73,562 |  |  | 255 |  |  | — |  |  | 98,269 |  |  | 960 |  |  | — |
Total derivatives |  | $ | 1,260,740 |  |  | $ | 32,540 |  |  | $ | — |  |  | $ | 1,786,163 |  |  | $ | 28,862 |  |  | $ | — |
Schedule of Changes in Fair Value of Derivatives | The unrealized changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2024 and 2023 were comprised of the following (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate swaps |  | $ | (975) |  |  | $ | 10,738 |  |  | $ | 9,074 |  |  | $ | 7,236 |
Interest rate caps |  | 8 |  |  | 362 |  |  | 24 |  |  | (366) |
Total unrealized change in fair value of interest rate derivatives |  | $ | (967) |  |  | $ | 11,100 |  |  | $ | 9,098 |  |  | $ | 6,870 |
Comprehensive income statement presentation: |  |  |  |  |  |  |  |
Change in fair value of derivatives and other |  | $ | (1,951) |  |  | $ | 4,294 |  |  | $ | 4,560 |  |  | $ | 490 |
Unrealized cash flow hedge gains |  | 984 |  |  | 6,806 |  |  | 4,538 |  |  | 6,380 |
Total unrealized change in fair value of interest rate derivatives |  | $ | (967) |  |  | $ | 11,100 |  |  | $ | 9,098 |  |  | $ | 6,870 |

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