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Derivative Financial Instruments (Tables)
3 Months Ended
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 DateMaturity DateNotional AmountStrike RatePremium Paid
5/15/20196/1/2022$100,000 
2.50% (LIBOR)
$288 
1/10/20202/1/202250,000 
(b)
1.75% (LIBOR)
87 
1/28/20202/1/202250,000 
(b)
1.75% (LIBOR)
62 
3/2/20203/1/2022100,000 
(b)
1.50% (LIBOR)
111 
7/1/20207/1/2023100,000 
(b)
0.50% (LIBOR)
232 
11/1/202011/1/202384,375 
(b)
1.84% (SOFR)
(a)
91 
2/2/20212/1/2023100,000 
0.50% (LIBOR)
45 
3/4/20214/1/202314,479 
2.50% (LIBOR)
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 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 Village50,609 
(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 Retail33,750 
(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$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, 2021December 31, 2020
 Notional
Amount
Fair ValueNotional
Amount
Fair Value
 AssetLiability AssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$50,000 $— $(2,665)$50,000 $— $(3,056)
Interest rate caps214,480 88 — 150,000 — 
Total derivatives not designated as accounting hedges264,480 88 (2,665)200,000 (3,056)
Derivatives designated as accounting hedges
Interest rate swaps289,859 — (8,707)290,231 — (11,797)
Interest rate caps384,375 292 — 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,
 20212020
Interest rate swaps$2,462 $(9,084)
Interest rate caps241 (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)