Quarterly report pursuant to Section 13 or 15(d)

DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)

v3.23.2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)
 6 Months Ended
Jun. 30, 2023
Other Assets [Abstract]  
Schedule Of Deferred Charges, Goodwill And Other Assets
(dollars in thousands) June 30,
2023		 December 31,
2022
Deferred leasing costs $ 11,487 $ 59,651
Deferred financing costs - revolving credit facility (a) — 6,684
11,487 66,335
Accumulated amortization (7,314) (30,471)
Deferred charges, net 4,173 35,864
Notes receivable (b) 78 1,309
In-place lease values, related intangibles and other assets, net (c) 10,554 12,298
Right of use assets (c) 6,645 2,238
Prepaid expenses and other assets, net 37,511 44,453
Total deferred charges and other assets, net $ 58,961 $ 96,162
(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 to the Company's 2022 10-K: Significant Accounting Policies – Deferred Financing Costs.
(b)As of December 31, 2022, included an interest-free note receivable with a net present value of $0.2 million which matured in April 2023. Also included $1.0 million, net of a loan loss allowance of $26.0 thousand, as of December 31, 2022, of seller-financing provided by the Company to the buyers of the Metropark portfolio, which matured in May 2023. The receivable was 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 $7.7 million and 3.2 million as of June 30, 2023 and December 31, 2022, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Office and Ground Lease agreements for further details.
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, 2023 and December 31, 2022 (dollars in thousands):
Asset Derivatives designated
as hedging instruments
 Fair Value
Balance sheet location
June 30,
2023		 December 31,
2022
Interest rate caps $ 8,038  $ 9,808  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 ended June 30, 2023 and 2022, respectively (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, 2023 2022 2023 2022 2023 2022
Interest Rate Caps $ 2,221  $ (60) Interest expense $ 685  $ —  $ (21,692) $ (17,707)
Six months ended June 30,
Interest Rate Caps $ 1,697  $ 2,124  Interest expense $ 1,106  $ 2  $ (43,706) $ (32,733)