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Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023			December 31, 2022
Other assets⁽¹⁾		$	11,001		$	9,471
Operating lease right-of-use assets⁽²⁾			1,492			1,860
Restricted cash			5,653			3,247
Other receivables			2,516			1,895
Leasing costs, net⁽³⁾			109			129
Intangible assets, net⁽⁴⁾			273			319
Deferred expenses and other assets, net		$	21,044		$	16,921

(1)	As of September 30, 2023 and December 31, 2022, other assets primarily includes prepaid expenses and deposits for certain real estate assets.

(2)

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 “Real estate expense” in the Company’s combined and consolidated statements of operations. During the three months ended September 30, 2023 and 2022, the Company recognized $0.1 million and $0.1 million, respectively, in “Real estate expense” in its combined and consolidated statements of operations relating to operating leases. During the nine months ended September 30, 2023 and 2022, the Company recognized $0.4 million and $0.5 million, respectively, in “Real estate expense” in its combined and consolidated statements of operations relating to operating leases.

(3)	Accumulated amortization of leasing costs was $0.1 million and $0.1 million as of September 30, 2023 and December 31, 2022, respectively.

(4)

Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $0.1 million and $0.1 million as of September 30, 2023 and December 31, 2022, respectively. The amortization of above market leases decreased operating lease income in the Company’s combined and consolidated statements of operations by $8 thousand and $0.1 million, respectively, for the three and nine months ended September 30, 2022. These intangible lease assets are amortized over the remaining term of the lease. As of September 30, 2023, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.1 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, 2023			December 31, 2022
Other liabilities⁽¹⁾		$	36,304		$	26,235
Accrued expenses			4,716			4,861
Operating lease liabilities (see table above)			1,648			2,006
Accounts payable, accrued expenses and other liabilities		$	42,668		$	33,102

(1)

As of September 30, 2023, “Other liabilities” includes $20.1 million of deferred income, $7.2 million of management fees due Safe and $6.2 million of other payables related to real estate properties. As of December 31, 2022, “Other liabilities” includes $21.2 million of deferred income and $2.5 million of other payables related to real estate properties.