Quarterly report pursuant to Section 13 or 15(d)

DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)

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DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)
 9 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
Schedule Of Deferred Charges, Goodwill And Other Assets
(dollars in thousands) September 30,
2024		 December 31,
2023
Deferred leasing costs $ 4,667 $ 8,324
Deferred financing costs (a) 6,228 771
Deferred charges 10,895 9,095
Accumulated amortization (3,977) (5,063)
Deferred charges, net 6,918 4,032
In-place lease values, related intangibles and other assets, net 9,617 10,034
Right of use assets (b) 5,403 6,161
Prepaid expenses and other assets, net 27,172 33,729
Total deferred charges and other assets, net $ 49,110 $ 53,956
(a)This amount relates to the deferred financing costs associated with the revolving credit facility and undrawn term loan balances, when applicable. 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 $6.8 million and $7.4 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):
Derivative Instruments
 Fair Value
Balance sheet location
September 30,
2024		 December 31,
2023
Interest rate caps designated as hedging instruments $ 3,149  $ 5,098  Deferred charges and other assets, net
Interest rate caps not designated as hedging instruments 711 —  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 and nine months ended September 30, 2024 and 2023, 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 September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Interest Rate Caps $ (2,792) $ 658  $ (1,640) $ 2,356  $ 766  $ 1,372  $ 2,891  $ 2,478  $ (21,507) $ (23,715) $ (64,683) $ (67,422)
(a)Amounts exclude net losses of $1.3 million and $0 recognized on unconsolidated jointly owned investments during the three months ended September 30, 2024 and 2023, respectively and $30 thousand and $0 during the nine months ended September 30, 2024 and 2023.
(b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.