Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 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
	December 31, 2022		December 31, 2021
Intangible assets, net⁽²⁾	$	319	$	1,209
Restricted cash		6,423		54,395
Operating lease right-of-use assets⁽³⁾		16,110		20,437
Other assets⁽⁴⁾		19,009		16,040
Other receivables		2,845		5,054
Leasing costs, net⁽⁵⁾		129		818
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,441		1,852
Deferred financing fees, net		—		629
Deferred expenses and other assets, net	$	46,276	$	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 $0.1 million and $10.2 million as of December 31, 2022 and 2021, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company’s consolidated statements of operations by $0.1 million, $0.3 million and $0.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.1 million, $1.0 million and $0.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of December 31, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.8 years.

(3)

Right-of-use lease assets relate primarily to the Company’s leases of office space and certain other leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. 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 years ended December 31, 2022, 2021 and 2020, the Company recognized $4.8 million, $4.9 million and $4.7 million, respectively, in “General and administrative” and $0.7 million, $0.6 million and $0.6 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 $0.1 million and $1.1 million as of December 31, 2022 and 2021, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $12.3 million and $14.8 million as of December 31, 2022 and 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):⁽¹⁾


	As of
	December 31, 2022		December 31, 2021
Other liabilities⁽²⁾	$	29,375		30,362
Accrued expenses		70,445		151,810
Operating lease liabilities (see table above)		17,645		23,267
Accrued interest payable		26,012		31,293
Accounts payable, accrued expenses and other liabilities	$	143,477	$	236,732

(1)	Certain items have been reclassified to “Liabilities associated with real estate held for sale and classified as discontinued operations” (refer to Note 3).

(2)	As of December 31, 2022 and 2021, "Other liabilities" includes $21.2 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.