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Other Assets and Other Liabilities

6 Months Ended

Jun. 30, 2024

Other Assets and Other Liabilities [Abstract]

Note 8—Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of
	June 30, 2024		December 31, 2023
Other assets⁽¹⁾	$	9,161	$	8,882
Operating lease right-of-use assets⁽²⁾		1,154		1,380
Restricted cash		9,310		10,051
Other receivables		3,196		1,865
Leasing costs, net⁽³⁾		85		101
Intangible assets, net⁽⁴⁾		151		180
Deferred expenses and other assets, net	$	23,057	$	22,459

(1)	As of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and 2023, 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 six months ended June 30, 2024 and 2023, the Company recognized $0.2 million and $0.2 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 $0.2 million and $0.2 million as of June 30, 2024 and December 31, 2023, 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 $0.2 million and $0.2 million as of June 30, 2024 and December 31, 2023, respectively. These intangible lease assets are amortized over the remaining term of the lease. As of June 30, 2024, the weighted average remaining amortization period for the Company’s intangible assets was approximately 2.6 years.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of
	June 30, 2024		December 31, 2023
Other liabilities⁽¹⁾	$	34,455	$	35,010
Accrued expenses		11,304		5,914
Operating lease liabilities (see table above)		1,317		1,538
Accounts payable, accrued expenses and other liabilities	$	47,076	$	42,462

(1)

As of June 30, 2024, “Other liabilities” includes $20.7 million of deferred income and liabilities, $4.8 million of management fees due Safe and $6.1 million of other payables related to real estate properties. As of December 31, 2023, “Other liabilities” includes $20.1 million of deferred income and liabilities, $7.2 million of management fees due Safe and $4.9 million of other payables related to real estate properties.