Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Assets

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Receivables and Other Assets
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Receivables and Other Assets
Note 4 – Receivables and Other Assets
Accounts receivable, net consisted of the following as of the periods indicated below (in thousands):
September 30, 2024 December 31, 2023
Accounts receivable, net $ 7,919  $ 9,008 
Straight-line rent receivable, net 16,225  15,655 
Total $ 24,144  $ 24,663 
Other assets, net consisted of the following as of the periods indicated below (in thousands):
September 30, 2024 December 31, 2023
Restricted cash $ 35,040  $ 34,725 
Right-of-use assets, net (1)
 22,448  26,596 
Investment in unconsolidated joint venture 12,065  13,549 
Deferred costs, net (2)
5,339  7,693 
Prepaid expenses 3,240  1,318 
Notes receivable (3)
2,500  3,700 
Other assets, net 1,935  1,247 
Total $ 82,567  $ 88,828 
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(1)Amortization expense for below market right-of-use asset was less than $0.1 million for the three months ended September 30, 2024 and 2023 and $0.1 million for the nine months ended September 30, 2024 and 2023. Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $10.4 million, and a below-market right-of-use asset, net of $6.5 million as of September 30, 2024. Includes right-of-use finance leases of $9.0 million, right-of-use operating leases of $10.9 million, and a below-market right-of-use asset, net of $6.6 million as of December 31, 2023.
(2)Amortization expense for deferred costs related to the Revolving Facility was $0.7 million and $2.2 million for the three and nine months ended September 30, 2024, respectively, as compared to $0.8 million and $1.8 million for the three and nine months ended September 30, 2023, respectively. Accumulated amortization for deferred costs related to the Revolving Facility was $6.3 million and $5.1 million as of September 30, 2024 and December 31, 2023, respectively. During the nine months ended September 30, 2024, the Company capitalized additional deferred costs of $1.0 million in connection with the third amendment to the Credit Agreement, as defined below and discussed in Note 6 – Debt, Net. Also in connection with the third amendment to the Credit Agreement and resulting reduction in borrowing capacity, net deferred costs of $1.1 million were written-off and recognized in loss on extinguishment of debt, net in the consolidated statements of operations during the nine months ended September 30, 2024. Includes outstanding deferred equity offering costs of $0.6 million, which will be offset against additional paid-in capital for future issuances of shares of the Company’s common stock, as of September 30, 2024 and December 31, 2023.
(3)Notes receivable as of September 30, 2024 includes one long-term seller financed promissory note for one property sold during the year ended December 31, 2023. Notes receivable as of December 31, 2023 includes one long-term seller financed promissory note and one short-term seller financed promissory note for two properties sold during the year ended December 31, 2023. These loans were structured as first mortgage loans on the properties sold with an unsecured recourse guaranty from the buyer principal(s). The short-term seller financed promissory note was repaid in full during the nine months ended September 30, 2024.