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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of LIBOR Interest Rate Caps
As of December 31, 2023, the Company had the following interest rate caps ($ in thousands):
Effective DateMaturity DateNotional AmountStrike RatePremium Paid
7/5/20221/1/202435,100 
(a)
1.00%-3.00% (SOFR)
(b)
120 
(c)
9/1/20229/1/202463,169 
(a)(d)
1.00%-3.00% (SOFR)
(b)
1,370 
$98,269 $1,490 
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(a) Designated as a cash flow hedge.
(b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument.
(c) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022.
(d) Represents the notional amount as of December 31, 2023. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. The maximum notional amount that will eventually be in effect is $73.6 million.

As of December 31, 2023, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):
Related DebtNotional AmountIndexSwap Fixed RateDebt effective rateEffective DateExpiration Date
Floating rate pool of loans$50,000 
(a)(b)
1-month SOFR3.40 %4.91 %7/5/20231/1/2024
Constellation Energy Building175,000 
(a)(c)
1-month SOFR1.84 %3.46 %4/3/20232/1/2024
Floating rate pool of loans200,000 
(a)(d)
1-month SOFR3.39 %4.90 %7/1/20233/1/2024
Senior unsecured term loan25,000 
(a)
1-month SOFR
(e)
0.42 %1.82 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month SOFR
(e)
0.33 %1.73 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
Daily SOFR
(e)
0.44 %1.84 %4/1/20204/1/2024
Harbor Point Parcel 3 senior construction loan90,000 
(f)
1-month SOFR2.75 %4.82 %10/2/202310/1/2025
Floating rate pool of loans330,000 
(g)
1-month SOFR2.75 %4.26 %10/1/202310/1/2025
Harbor Point Parcel 4 senior construction loan100,000 
(h)
1-month SOFR2.75 %5.12 %11/1/202311/1/2025
Floating rate pool of loans 300,000 
(i)
1-month SOFR2.75 %4.26 %12/1/202312/1/2025
Revolving credit facility and TD unsecured term loan100,000 Daily SOFR3.20 %4.70 %5/19/20235/19/2026
(j)
Thames Street Wharf67,894 
(a)
Daily SOFR
(e)
0.93 %2.33 %9/30/20219/30/2026
M&T unsecured term loan100,000 
(a)
1-month SOFR3.50 %4.90 %12/6/202212/6/2027
Senior unsecured term loan100,000 

1-month SOFR3.43 %4.83 %12/13/20221/21/2028
Total$1,687,894 
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(a) Designated as a cash flow hedge.
(b) On July 6, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $50.0 million and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(c) Effective April 4, 2023, the Company terminated its 4.00% BSBY interest rate cap with a notional amount of $175.0 million and its BSBY corridor of 1.00%-3.00% with a notional amount of $175.0 million and, effective April 3, 2023, entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(d) On July 5, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $200.0 million and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.
(e) Transitioned to SOFR during the year ended December 31, 2023.
(f) 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 5. 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.
(g) The Company paid $13.3 million to reduce the swap fixed rate.
(h) 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 5. 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.
(i) The Company paid $10.5 million to reduce the swap fixed rate.
(j) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.
Schedule of Derivatives
The Company’s derivatives comprised the following as of December 31, 2023 and 2022 (in thousands):
 
 December 31, 2023December 31, 2022
 Fair ValueFair Value
Notional AmountAssetLiabilityNotional AmountAssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$1,020,000 $20,761 $— $250,000 $2,201 $— 
Interest rate caps— — — 289,479 2,102 — 
Total derivatives not designated as accounting hedges1,020,000 20,761 — 539,479 4,303 — 
Derivatives designated as accounting hedges
Interest rate swaps667,894 7,141 — 187,670 11,247 — 
Interest rate caps98,269 960 — 561,200 13,565 — 
Total derivatives$1,786,163 $28,862 $— $1,288,349 $29,115 $— 
Schedule of Changes in Fair Value of Derivatives
The unrealized changes in the fair value of the Company’s derivatives during the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):
 Years Ended December 31, 
 202320222021
Interest rate swaps$(6,981)$16,210 $4,775 
Interest rate caps(325)12,841 1,222 
Total unrealized change in fair value of interest rate derivatives$(7,306)$29,051 $5,997 
Comprehensive income statement presentation:   
Change in fair value of derivatives and other(1)
$(14,185)$8,886 $2,319 
Unrealized cash flow hedge gains
6,879 20,165 3,678 
Total unrealized change in fair value of interest rate derivatives$(7,306)$29,051 $5,997 
________________________________________
(1) Excludes $7.9 million of realized changes in the fair value of derivatives for the year-ended December 31, 2023.