Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2022		December 31, 2021
Other assets⁽²⁾	$	20,048	$	16,040
Operating lease right-of-use assets⁽³⁾		17,104		20,437
Restricted cash		5,375		54,395
Other receivables		4,962		5,054
Corporate furniture, fixtures and equipment, net⁽⁴⁾		1,575		1,852
Leasing costs, net⁽⁵⁾		646		818
Intangible assets, net⁽⁶⁾		334		1,209
Deferred financing fees, net		—		629
Deferred expenses and other assets, net	$	50,044	$	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)	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).

(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 September 30, 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. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.6 million and $3.7 million, respectively, in "General and administrative" and $0.5 million and $0.5 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases.

(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $12.2 million and $14.8 million as of September 30, 2022 and December 31, 2021, respectively.

(5)	Accumulated amortization of leasing costs was $0.5 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively.

(6)

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 $0.1 million and $10.2 million as of September 30, 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 for the three and nine months ended September 30, 2021 was $0.3 million and $0.9 million, respectively. This amount is included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of September 30, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.2 years.

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
	September 30, 2022		December 31, 2021
Accrued expenses	$	70,428	$	151,810
Accrued interest payable		24,575		31,293
Other liabilities⁽¹⁾		26,867		30,362
Operating lease liabilities (see table above)		19,006		23,267
Accounts payable, accrued expenses and other liabilities	$	140,876	$	236,732

(1)	As of September 30, 2022 and December 31, 2021, other liabilities includes $21.0 million and $20.1 million, respectively, of deferred income. As of December 31, 2021, other liabilities includes $0.1 million of expected credit losses for unfunded loan commitments.