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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
 
During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands):
Effective DateMaturity DateNotional Amount LIBOR Strike RateSOFR Strike RatePremium Paid
2/25/20163/1/2018$75,000 1.50 %N/A$57 
6/17/20166/17/201870,000 1.00 %N/A150 
2/7/20173/1/201950,000 1.50 %N/A187 
6/23/20177/1/201950,000 1.50 %N/A154 
9/18/201710/1/201950,000 1.50 %N/A199 
11/28/201712/1/201950,000 1.50 %N/A359 
3/7/20184/1/202050,000 2.25 %N/A310 
7/16/20188/1/202050,000 2.50 %N/A319 
12/11/20181/1/202150,000 2.75 %N/A210 
5/15/20196/1/2022100,000 2.50 %N/A288 
1/10/20202/1/202250,000 
(a)
1.75 %N/A87 
1/28/20202/1/202250,000 
(a)
1.75 %N/A62 
3/2/20203/1/2022100,000 
(a)
1.50 %N/A111 
7/1/20207/1/2023100,000 
(a)
0.50 %N/A232 
11/1/202011/1/202384,375 
(a)
N/A1.84 %91 
$2,816 
________________________________________
(a) Designated as a cash flow hedge.

As of December 31, 2020, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):
Related DebtNotional AmountIndexSwap Fixed RateDebt effective rateEffective DateExpiration Date
Senior unsecured term loan$50,000 1-month LIBOR2.78 %4.23 %5/1/20185/1/2023
John Hopkins Village50,859 
(a)
1-month LIBOR2.94 %4.19 %8/7/20188/7/2025
Senior unsecured term loan10,500 
(a)
1-month LIBOR3.02 %4.47 %10/12/201810/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail33,872 
(a)
1-month LIBOR2.25 %3.85 %4/1/20198/10/2023
Senior unsecured term loan50,000 
(a)
1-month LIBOR2.26 %3.71 %4/1/201910/26/2022
Thames Street Wharf70,000 
(a)
1-month LIBOR0.51 %1.81 %3/26/20206/26/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.95 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.95 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.55 %2.00 %4/1/20204/1/2024
Total$340,231 
________________________________________
(a) Designated as a cash flow hedge.

For the interest rate swaps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $4.3 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives comprised the following as of December 31, 2020 and 2019 (in thousands):
 
 December 31, 2020December 31, 2019
 Fair ValueFair Value
Notional AmountAssetLiabilityNotional AmountAssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$50,000 $— $(3,056)$100,000 $— $(1,992)
Interest rate caps150,000 4 — 250,000 25 — 
Total derivatives not designated as accounting hedges200,000 4 (3,056)350,000 25 (1,992)
Derivatives designated as accounting hedges
Interest rate swaps290,231 — (11,797)146,642 — (5,728)
Interest rate caps384,375 86 — — — — 
Total derivatives$874,606 $90 $(14,853)$496,642 $25 $(7,720)
 
The changes in the fair value of the Company’s derivatives during the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands):
 Years Ended December 31, 
 202020192018
Interest rate swaps$(10,318)$(6,050)$(2,281)
Interest rate caps(518)(2,053)(564)
Total change in fair value of interest rate derivatives$(10,836)$(8,103)$(2,845)
Comprehensive income statement presentation:   
Change in fair value of derivatives and other$(1,085)$(3,599)$(951)
Unrealized cash flow hedge losses(9,751)(4,504)(1,894)
Total change in fair value of interest rate derivatives$(10,836)$(8,103)$(2,845)