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Real Estate Owned | 12 Months Ended
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Dec. 31, 2024
Banking and Thrift, Interest [Abstract] |
Real Estate Owned | Real Estate Owned In June 2023, we assumed legal title to an office property located in Yardley, PA through a deed in lieu of foreclosure. The table below presents the assets and liabilities of real estate owned in our consolidated balance sheets:
|  | December 31,
|  | 2024 |  | 2023
Land |  | $ | 2,880 |  |  | $ | 2,880 |
Building and improvements |  | 7,354 |  |  | 7,349 |
Tenant improvements |  | 1,501 |  |  | 1,164 |
Total real estate owned |  | 11,735 |  |  | 11,393 |
Less: accumulated depreciation |  | (548) |  |  | (115) |
Real estate owned, net |  | 11,187 |  |  | 11,278 |
Acquired real estate leases |  | 4,352 |  |  | 4,595 |
Less: accumulated amortization |  | (986) |  |  | (458) |
Acquired real estate leases, net |  | 3,366 |  |  | 4,137 |
Prepaid expenses and other assets, net (1) |  | 1,826 |  |  | 1,352 |
Total assets |  | $ | 16,379 |  |  | $ | 16,767 |
Accounts payable, accrued liabilities and other liabilities |  | $ | 501 |  |  | $ | 517 |
Total liabilities |  | $ | 501 |  |  | $ | 517 |
(1)Includes $1,094 and $647 of straight line rent receivables as of December 31, 2024 and 2023, respectively. Revenue from real estate owned represents rental income from operating leases with tenants and is recognized on a straight line basis over the lease term. We increased revenue from real estate owned to record revenue on a straight line basis by $447 and $647 for the years ended December 31, 2024 and 2023, respectively. Expenses from real estate owned represents costs related to the acquisition of the property, costs to operate the property and depreciation and amortization expense. We recognized amortization expense related to our acquired real estate leases of $771 and $458 for the years ended December 31, 2024 and 2023, respectively. Future amortization of acquired in place lease values is estimated to be $594 in 2025, $493 in 2026, $493 in 2027, $466 in 2028, $446 in 2029 and $874 thereafter. As of December 31, 2024 and 2023, the weighted average amortization period of acquired real estate leases was 6.9 and 7.4 years, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2034 as of December 31, 2024:
Year |  | Amount
2025 |  | $ | 2,090 |
2026 |  | 2,034 |
2027 |  | 2,108 |
2028 |  | 2,090 |
2029 |  | 2,052 |
Thereafter |  | 4,100 |
Total |  | $ | 14,474 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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