Quarterly report pursuant to Section 13 or 15(d)

DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)

v3.22.2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)
 6 Months Ended
Jun. 30, 2022
Other Assets [Abstract]  
Schedule Of Deferred Charges, Goodwill And Other Assets
(dollars in thousands) June 30,
2022		 December 31,
2021
Deferred leasing costs $ 85,841 $ 88,265
Deferred financing costs - revolving credit facility (a) 6,684 6,684
92,525 94,949
Accumulated amortization (41,052) (40,956)
Deferred charges, net 51,473 53,993
Notes receivable (b) 2,718 4,015
In-place lease values, related intangibles and other assets, net (c) 10,706 42,183
Right of use assets (c) 2,896 22,298
Prepaid expenses and other assets, net (d) 135,674 28,858
Total deferred charges and other assets, net $ 203,467 $ 151,347
(a)Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.
(b)As of June 30, 2022 and December 31, 2021, respectively, includes an interest-free note receivable with a net present value of $0.4 million and $0.7 million which matures in April 2023. The Company believes this balance is fully collectible. Also includes $2.1 million, net of a loan loss allowance of $0.1 million, as of June 30, 2022 and $3.1 million, net of a loan loss allowance of $0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement.
(c)This amount has a corresponding liability of $3.2 million and $23.7 million as of June 30, 2022 and December 31, 2021, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.
(d)As of June 30, 2022, includes $98.3 million of funds available with the Company’s qualified intermediary from property sales proceeds, which were utilized in the acquisition of a property in Park Ridge, New Jersey, in July 2022.
Schedule Of Fair Value Of The Derivative Financial Instruments
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2022 and December 31, 2021 (dollars in thousands):
Asset Derivatives designated
as hedging instruments
 Fair Value
Balance sheet location
June 30,
2022		 December 31,
2021
Interest rate caps $ 4,883  $ 850  Deferred charges and other assets
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement
The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ending June 30, 2022 and 2021 (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income  Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income  Total Amount of Interest Expense presented in the consolidated statements of operations
Three months ended June 30, 2022 2021 2022 2021 2022 2021
Interest Rate Caps $ (60) $ —  Interest expense $ (2,213) $ —  $ (17,707) $ (16,554)
Six months ended June 30,
Interest Rate Caps $ 2,122  $ —  Interest expense $ (2,097) $ —  $ (32,733) $ (34,164)