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Derivatives
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The Company enters into derivatives in order to hedge interest rate risk. 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.

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, 2022 and December 31, 2021:
Underlying Debt InstrumentNumber of DerivativesNotional AmountEffective DateMaturity Date
Interest Rate Range(1)
Fair Value
Assets/(Liabilities)
LowHigh20222021
Interest rate swaps
Hollywood Media Portfolio(2)(3)
2$350,000 April 2015April 20222.96 %3.46 %$— $(1,413)
Hollywood Media Portfolio(2)(3)
1125,000 June 2016November 20222.63 %3.13 %— (1,122)
Interest rate capStrike Rate
Hollywood Media Portfolio(4)
11,100,000 August 2021August 20233.50%9,292 368 
TOTAL$9,292 $(2,167)
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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.These derivatives were designated as effective cash flow hedges for accounting purposes.
4.The interest rate cap was designated as an effective cash flow hedge for accounting purposes beginning in December 2022.

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, 2022, the Company expects $12.0 thousand of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction to interest expense in the next 12 months.