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Real Estate

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Real Estate

Note 4—Real Estate

The Company’s real estate assets were comprised of the following ($ in thousands):

​	​	​	​	​	​	​
​		As of
​	​	September 30, 2023			December 31, 2022
Land, at cost	​	$	5,570	​	$	5,570
Buildings and improvements, at cost	​		91,830	​		89,023
Less: accumulated depreciation	​		(21,080)	​		(18,096)
Real estate, net	​	$	76,320	​	$	76,497

​

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant reimbursements were $0.7 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $1.5 million and $2.4 million for the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in “Operating lease income” in the Company’s combined and consolidated statements of operations.

Allowance for Doubtful Accounts—As of September 30, 2023 and December 31, 2022, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $0.1 million, respectively. These amounts are included in “Accrued interest and operating lease income receivable, net” on the Company’s combined and consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, in effect as of September 30, 2023, are as follows by year ($ in thousands):

​	​	​	​
Year	​	Amount
2023 (remaining three months)	​	$	1,080
2024	​		4,243
2025	​		4,224
2026	​		4,203
2027	​		1,570
Thereafter	​		1,117

​

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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-Topic 976
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-Topic 978
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