Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):⁽¹⁾


	As of
	March 31, 2022		December 31, 2021
Intangible assets, net⁽²⁾	$	1,156	$	1,209
Restricted cash		51,047		54,395
Operating lease right-of-use assets⁽³⁾		19,349		20,437
Other assets⁽⁴⁾		19,444		16,040
Other receivables		3,648		5,054
Leasing costs, net⁽⁵⁾		789		818
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,832		1,852
Deferred financing fees, net		417		629
Deferred expenses and other assets, net	$	97,682	$	100,434

(1)	Certain items have been reclassified to “Real estate and other assets available and held for sale and classified as discontinued operations” (refer to Note 3).

(2)

Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $9.2 million and $10.2 million as of March 31, 2022 and December 31, 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.6 million for the three months ended March 31, 2021. This amount is included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of March 31, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.6 years.

(3)

Right-of-use lease assets relate primarily to the Company’s leases of office space. Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “General and administrative” and “Real estate expense” in the Company’s consolidated statements of operations. During the three months ended March 31, 2022 and 2021, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.1 million and $0.2 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases.

(4)	Other assets primarily includes prepaid expenses, deposits for certain real estate assets and management fees and expense reimbursements due from SAFE (refer to Note 8).

(5)	Accumulated amortization of leasing costs was $0.9 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $14.9 million and $14.8 million as of March 31, 2022 and December 31, 2021, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of
	March 31, 2022		December 31, 2021
Other liabilities⁽¹⁾	$	35,565		30,362
Accrued expenses		115,461		151,810
Operating lease liabilities (see table above)		21,809		23,267
Accrued interest payable		26,051		31,293
Accounts payable, accrued expenses and other liabilities	$	198,886	$	236,732

(1)

As of March 31, 2022 and December 31, 2021, other liabilities includes $20.8 million and $20.1 million, respectively, of deferred income. As of March 31, 2022 and December 31, 2021, other liabilities includes $0.1 million and $0.1 million, respectively, of expected credit losses for unfunded loan commitments.