Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Assets

v3.23.1
Receivables and Other Assets
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Receivables and Other Assets
Note 4 – Receivables and Other Assets:
Accounts receivable, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023 December 31, 2022
Accounts receivable, net $ 12,060  $ 10,461 
Straight-line rent receivable, net 12,637  11,180 
Total $ 24,697  $ 21,641 
Other assets, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023 December 31, 2022
Restricted cash $ 34,686  $ 34,673 
Right-of-use assets, net (1)
 26,168  26,422 
Investment in unconsolidated joint venture 15,279  15,824 
Derivative assets 4,540  6,308 
Deferred costs, net (2)
4,089  4,619 
Prepaid expenses 3,961  1,305 
Other assets, net 1,103  1,063 
Total $ 89,826  $ 90,214 
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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 March 31, 2023 and 2022. Includes right-of-use finance leases of $9.0 million and a below-market right-of-use asset, net of $6.8 million as of March 31, 2023 and December 31, 2022, and right-of-use operating leases of $10.4 million and $10.6 million, as of March 31, 2023 and December 31, 2022, respectively.
(2)Amortization expense for deferred costs related to the Revolving Facility totaled $0.5 million for the three months ended March 31, 2023 and 2022. Accumulated amortization for deferred costs related to the Revolving Facility was $3.0 million and $2.5 million as of March 31, 2023 and December 31, 2022, respectively. Includes outstanding deferred equity offering costs of $0.5 million, which will be offset against additional paid in capital for future issuances of shares of the Company’s common stock, as of both March 31, 2023 and December 31, 2022.