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Real Estate
3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
Real Estate

Note 4—Real Estate

The Company’s real estate assets were comprised of the following ($ in thousands):

As of March 31, 2022

 

  

Land, at cost

$

6,830

Buildings and improvements, at cost

 

106,849

Less: accumulated depreciation

 

(22,245)

Real estate, net

 

91,434

Real estate available and held for sale(1)

 

301

Total real estate

$

91,735

As of December 31, 2021

 

  

Land, at cost

$

6,831

Buildings and improvements, at cost

 

106,679

Less: accumulated depreciation

 

(21,360)

Real estate, net

 

92,150

Real estate available and held for sale(1)

 

301

Total real estate

$

92,451

(1)As of March 31, 2022 and December 31, 2021, the Company had $0.3 million and $0.3 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Dispositions—Refer to Note 3 - Net Lease Sale and Discontinued Operations.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $0.7 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in “Operating lease income” in the Company’s consolidated statements of operations.

Allowance for Doubtful Accounts—As of March 31, 2022 and December 31, 2021, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $0.1 million, respectively. These amounts are included in “Accrued interest and operating lease income receivable, net” on the Company’s consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2022, are as follows by year ($ in thousands):

    

Operating

Year

Properties

2022 (remaining nine months)

$

4,843

2023

 

6,293

2024

 

6,195

2025

 

5,600

2026

 

5,125

Thereafter

 

4,361