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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative 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, 2021 and December 31, 2020:
Underlying Debt InstrumentNumber of DerivativesNotional AmountEffective DateMaturity Date
Interest Rate Range(1)
Fair Value (Liabilities)/Assets
LowHigh20212020
Interest rate swaps
Hollywood Media Portfolio(2)
2350,000 April 2015April 20222.96 %3.46 %(1,413)(7,112)
Hollywood Media Portfolio(2)
1125,000 June 2016November 20222.63 %3.13 %(1,122)(2,994)
Interest rate capStrike rate
Hollywood Media Portfolio(3)
1$900,000 July 2020Terminated August 20213.50%$— $5 
Hollywood Media Portfolio(3)
1$1,100,000 August 2021August 20233.50%$368 $— 
TOTAL$(2,167)$(10,101)
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1.The rate is based on the fixed rate from the swap and the spread based on the operating partnership’s leverage ratio.
2.The swaps were designated under the first payments approach within hedge accounting, where the Company elected to designate a cash flow (LIBOR-based interest payments) instead of a specific piece of debt.
3.The Hollywood Media Portfolio debt was refinanced during the year ended December 31, 2021 with the loan amount being increased to $1.1 billion. Concurrently with the refinance, the interest rate cap associated with the original $900.0 million loan was early-terminated and replaced with an interest rate cap with a notional amount of $1.1 billion and a maturity in August 2023.