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Derivatives | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  | Fair Value Assets (Liabilities)
Underlying Debt Instrument |  | Number of Derivatives |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate |  | March 31, 2023 |  | December 31, 2022
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1918 Eighth(1) |  | 1 |  | $ | 172,865 |  |  | February 2023 |  | October 2025 |  | 3.75% |  | $ | 88 |  |  | $ | — |
Hollywood Media Portfolio(1) |  | 1 |  | 351,186 |  |  | August 2023 |  | June 2026 |  | 3.31% |  | 817 |  |  | — |
Interest rate cap |  |  |  |  |  |  |  |  |  | Strike Rate |  |  |  |
Hollywood Media Portfolio(1) |  | 1 |  | 1,100,000 |  |  | August 2021 |  | August 2023 |  | 3.50% |  | 6,057 |  |  | 9,292 |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,962 |  |  | $ | 9,292 |
_____________ 1.These derivatives were designated as effective cash flow hedges for accounting purposes. 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 March 31, 2023, the Company expects $4.3 million of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction 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 https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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