Other Assets

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS

    Other assets consist of the following: 

(Dollars in millions)	September 30, 2023		December 31, 2022
Interest rate caps and swaps	$	49.4	$	41.0
Straight line rent receivable	44.3		42.2
Goodwill	23.9		23.9
Hedge assets	27.2		34.3
Prepaid expenses	16.1		12.7
Deferred taxes, net	11.2		9.4
Leasing commissions, net of accumulated amortization of $12.6 and $11.1 at September 30, 2023 and December 31, 2022, respectively	9.6		9.4
Right of use asset, net	8.9		12.2
Furniture and equipment net of accumulated depreciation of $29.1 and $29.4 at September 30, 2023 and December 31, 2022, respectively	7.4		13.4
Above-market leases, net of accumulated amortization of $42.7 and $53.0 at September 30, 2023 and December 31, 2022, respectively	2.7		3.9
Other	11.0		13.7
Other Assets	$	211.7	$	216.1

Right of use asset, net

    The Company, as a lessee, has three office leases and two ground leases, which qualify as operating leases, with remaining lease terms of 2 to 236 years. The payments associated with office space leases have been discounted using the

Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease. For ground leases the rate implicit in the lease was used to determine the right of use asset.

    The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:

(Dollars in millions)	Minimum
	Rental Payments
2023 (remainder)	$	0.4
2024	1.0
2025	1.4
2026	1.3
2027	1.3
Thereafter	30.9
Total undiscounted rental payments	36.3
Less imputed interest	(27.4)
Right of use asset, net	$	8.9