Quarterly report [Sections 13 or 15(d)]

DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)

v3.25.1
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Other Assets [Abstract]  
Schedule Of Deferred Charges, Goodwill And Other Assets
(dollars in thousands) March 31,
2025		 December 31,
2024
Deferred leasing costs $ 4,821 $ 4,765
Deferred financing costs (a) 6,307 6,296
Deferred charges 11,128 11,061
Accumulated amortization (5,175) (4,558)
Deferred charges, net 5,953 6,503
In-place lease values, related intangibles and other assets, net 9,431 9,519
Right of use assets (b) 4,883 5,145
Prepaid expenses and other assets, net 23,413 27,309
Total deferred charges and other assets, net $ 43,680 $ 48,476
(a)This amount relates to the deferred financing costs associated with the revolving credit facility. Deferred financing costs related to all other debt liabilities are netted against those debt liabilities for all periods presented.
(b)This amount has a corresponding liability of $6.3 million and $6.5 million as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024 (dollars in thousands):
Derivative Instruments
 Fair Value
Balance sheet location
March 31,
2025		 December 31,
2024
Interest rate caps designated as hedging instruments $ 3,122  $ 4,953  Deferred charges and other assets, net
Interest rate caps not designated as hedging instruments 269 525  Deferred charges and other assets, net
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 designated as hedging instruments on the Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships
Amount of Gain or (Loss) Recognized in OCI on Derivative (a)
 Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (a) (b)
 Total Amount of Interest Expense presented in the Consolidated Statements of Operations
Three months ended March 31, Three months ended March 31, Three months ended March 31,
2025 2024 2025 2024 2025 2024
Interest Rate Caps $ (901) $ 966  $ (141) $ 1,058  $ (22,960) $ (21,500)
(a)Amounts exclude net losses of $0.3 million and net gains of $1.2 million recognized on unconsolidated jointly owned investments during the three months ended March 31, 2025 and 2024, respectively.
(b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.