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Derivatives | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company enters into derivatives in order to hedge interest rate risk. The Company had three interest rate swaps with aggregate notional amounts of $475.0 million as of December 31, 2020 and four interest rate swaps with aggregate notional amounts of $539.5 million as of December 31, 2019. These derivatives were designated as effective cash flow hedges for accounting purposes. The derivative assets are recorded in prepaid expenses and other assets and derivative liabilities are recorded in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets. On July 29, 2020, the Company entered into an interest rate cap contract, required by the lender, with respect to the Hollywood Media Portfolio loan due August 2022. The aggregate notional amount is $900.0 million as of December 31, 2020. The interest rate cap is not designated under hedge accounting and is accounted for under mark-to-market accounting. The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments. The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of December 31, 2020 and December 31, 2019:
Underlying Debt Instrument |  | Number of Derivatives |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate Range(1) |  | Fair Value (Liabilities)/Assets
|  |  |  |  | Low |  | High |  | 2020 |  | 2019
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Met Park North |  | 1 |  | $ | 64,500 |  |  | August 2013 |  | August 2020 |  | 3.71 | % |  | 3.71 | % |  | $ | — |  |  | $ | (195) |
Hollywood Media Portfolio (formerly Term Loan B) |  | 2 |  | 350,000 |  |  | April 2015 |  | April 2022 |  | 2.96 | % |  | 3.46 | % |  | (7,112) |  |  | (1,596) |
Hollywood Media Portfolio (formerly Term Loan D) |  | 1 |  | 125,000 |  |  | June 2016 |  | November 2022 |  | 2.63 | % |  | 3.13 | % |  | (2,994) |  |  | 479 |
Interest rate cap |  |  |  |  |  |  |  |  |  | Strike rate |  |  |  |
Hollywood Media Portfolio |  | 1 |  | $ | 900,000 |  |  | July 2020 |  | August 2022 |  | 3.50% |  | $ | 5 |  |  | $ | — |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10,101) |  |  | $ | (1,312) |
_____________ 1.The rate is based on the fixed rate from the swap and the spread based on the operating partnership’s leverage ratio. On July 31, 2020, the Company paid off the principal outstanding of $64.5 million on the Met Park North mortgage loan. The derivative on the Met Park North mortgage loan matured on August 1, 2020. The Company reclassifies unrealized gains and losses related to cash flow hedges into earnings in the same period during which the hedged forecasted transaction affects earnings. As of December 31, 2020, the Company expects $7.3 million of unrealized loss included in accumulated other comprehensive income will be reclassified as an increase to interest expense in the next 12 months.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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