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Derivatives | 9 Months Ended
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Sep. 30, 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 September 30, 2023 and December 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Assets (Liabilities)
Underlying Debt Instrument |  | Derivative Type |  | Accounting Policy |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate |  | September 30, 2023 |  | December 31, 2022
Hollywood Media Portfolio |  | Cap |  | Cash flow hedge |  | $ | 1,100,000 |  |  | August 2021 |  | August 2023 |  | 3.50% |  | $ | — |  |  | $ | 9,292 |
1918 Eighth |  | Swap |  | Cash flow hedge |  | 172,865 |  |  | February 2023 |  | October 2025 |  | 3.75% |  | 3,706 |  |  | — |
1918 Eighth |  | Cap |  | Partial cash flow hedge(1) |  | 314,300 |  |  | June 2023 |  | December 2025 |  | 5.00% |  | 3,089 |  |  | — |
1918 Eighth |  | Sold cap(2) |  | Mark-to-market |  | 172,865 |  |  | June 2023 |  | December 2025 |  | 5.00% |  | (1,705) |  |  | — |
Hollywood Media Portfolio |  | Cap |  | Partial cash flow hedge(1) |  | 1,100,000 |  |  | August 2023 |  | August 2024 |  | 5.70% |  | 1,010 |  |  | — |
Hollywood Media Portfolio |  | Sold cap(2) |  | Mark-to-market |  | 561,000 |  |  | August 2023 |  | August 2024 |  | 5.70% |  | (516) |  |  | — |
Hollywood Media Portfolio |  | Swap |  | Cash flow hedge |  | 351,186 |  |  | August 2023 |  | June 2026 |  | 3.31% |  | 11,754 |  |  | — |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,338 |  |  | $ | 9,292 |
_____________ 1.$141,435 and $539,000 of the notional amounts of the 1918 Eighth and Hollywood Media Portfolio caps, respectively, have been designated as effective cash flow hedges for accounting purposes. The remainder of each is accounted for under mark-to-market accounting. 2.The sold caps serve to offset the changes in fair value of the portions of the 1918 Eighth and Hollywood Media Portfolio caps that are not designated as 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 September 30, 2023, the Company expects $8.6 million of unrealized gain included in accumulated other comprehensive income 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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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