following table summarizes, as of December 31, 2020, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands):

(d)The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $9.1 million, $34.2 million and $17.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes, as of December 31, 2020, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands):

(e)All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.

(f)Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.6 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.

(g)Includes as of December 31, 2020 and 2019, zero and $28.1 million, respectively, of funds available with the Company’s qualified intermediary from prior property sales proceeds.

(h)The amount as of December 31, 2020 and 2019, includes $42.5 million and $68.6 million, respectively, for properties classified as discontinued operations.

DERIVATIVE FINANCIAL INSTRUMENTS

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the year ended December 31,2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of December 31, 2020, the Company did not have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk.

During March 2019, in connection with a partial paydown of the Company’s outstanding term loans, the Company terminated interest rate swaps with an aggregate notional amount of $90 million.  During June 2019, in connection with a subsequent partial paydown of the Company’s outstanding unsecured term loans, the Company terminated interest rate swaps with an aggregate notional amount of $160 million. During August 2019, in connection with a partial paydown of the Company’s outstanding unsecured term loans, the Company terminated rate swaps with an aggregate notional amount of $145 million. These paydowns resulted in the Company accelerating the reclassification of gains from other comprehensive income to earnings as a result of the hedged forecasted transactions no longer being probable to occur, amounting to $1.9 million for the year ended December 31, 2019.

During December 2019, in connection with the paydown of the remainder of the outstanding term loans, the Company terminated the remaining interest rate swaps with an aggregate notional amount of $280 million for a receipt of $36,000. Following these terminations, $25,000 was recorded in accumulated other comprehensive income and is being recorded as an adjustment to interest expense over the term of the original hedges and respective borrowings. Of the amount recorded in accumulated other comprehensive income following these terminations, $9,000 was recorded as a decrease to interest expense for the year ended December 31, 2019 and approximately