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Real Estate

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Real Estate

Note 4—Real Estate

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

​	​	​	​	​	​	​
​		As of
​	​	June 30, 2024			December 31, 2023
Land, at cost	​	$	5,570	​	$	5,570
Buildings and improvements, at cost	​		92,337	​		91,911
Less: accumulated depreciation	​		(23,863)	​		(22,075)
Real estate, net	​	​	74,044	​	​	75,406
Real estate available and held for sale (1)	​		1,746	​		—
Total real estate	​	$	75,790	​	$	75,406

(1) During the six months ended June 30, 2024, the Company transferred $1.7 million of residential condominiums from land and development to real estate available and held for sale. The condominiums were sold in July 2024.

​

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 $0.4 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively. Tenant reimbursements were $0.8 million and $0.8 million for the six months ended June 30, 2024 and 2023, 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024, are as follows by year ($ in thousands):

​	​	​	​
Year	​	Amount
2024 (remaining six months)	​	$	2,169
2025	​		4,310
2026	​		4,225
2027	​		1,578
2028	​		242
Thereafter	​		875

​

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- References

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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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