Annual report pursuant to Section 13 and 15(d)

Orion Office REIT, Receivables and Other Assets (Tables)

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Orion Office REIT, Receivables and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Accounts Receivables, Net
Accounts receivable, net consisted of the following as of December 31, 2023 and 2022 (in thousands):
December 31, 2023 December 31, 2022
Accounts receivable, net $ 9,008  $ 10,461 
Straight-line rent receivable, net 15,655  11,180 
Total $ 24,663  $ 21,641 
Schedule of Other Assets, Net
Other assets, net consisted of the following as of December 31, 2023 and 2022 (in thousands):
December 31, 2023 December 31, 2022
Restricted cash $ 34,725  $ 34,673 
Right-of-use assets, net (1)
 26,596  26,422 
Investment in unconsolidated joint venture 13,549  15,824 
Deferred costs, net (2)
7,693  4,619 
Notes receivable (3)
3,700  — 
Prepaid expenses 1,318  1,305 
Derivative assets —  6,308 
Other assets, net 1,247  1,063 
Total $ 88,828  $ 90,214 
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(1)Amortization expense for below market right-of-use asset was $0.2 million, $0.2 million and less than $0.1 million for the years ended December 31, 2023, 2022 and 2021. 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. Includes right-of-use finance leases of $9.0 million, right-of-use operating leases of $10.6 million, and a below-market right-of-use asset, net of $6.8 million, as of December 31, 2022.
(2)Amortization expense for deferred costs related to the Revolving Facility totaled $2.6 million, $2.2 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accumulated amortization for deferred costs related to the Revolving Facility was $5.1 million and $2.5 million as of December 31, 2023 and 2022, respectively. Additional deferred costs related to the Revolving Facility of $5.6 million were capitalized during the year ended December 31, 2023 in connection with the second amendment to the Credit Agreement, as defined below and discussed in Note 6 – Debt, Net. Deferred costs, net also includes outstanding deferred equity offering costs of $0.6 million and $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 December 31, 2023 and 2022, respectively.
(3)Notes receivable includes two seller financed promissory notes for two properties sold during the year ended December 31, 2023. These loans have been structured as first mortgage loans on the properties sold with an unsecured recourse guaranty from the buyer principal(s).