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Real Estate Owned

12 Months Ended

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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- References

No definition available.

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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

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