Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Assets

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Receivables and Other Assets
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Receivables and Other Assets
Note 4 – Receivables and Other Assets:
Accounts receivable, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024 December 31, 2023
Accounts receivable, net $ 8,978  $ 9,008 
Straight-line rent receivable, net 15,964  15,655 
Total $ 24,942  $ 24,663 
Other assets, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024 December 31, 2023
Restricted cash $ 35,025  $ 34,725 
Right-of-use assets, net (1)
 22,902  26,596 
Investment in unconsolidated joint venture 12,972  13,549 
Deferred costs, net (2)
6,941  7,693 
Notes receivable (3)
3,500  3,700 
Prepaid expenses 4,159  1,318 
Other assets, net 1,578  1,247 
Total $ 87,077  $ 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 March 31, 2024 and 2023. Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $10.8 million and a below-market right-of-use asset, net of $6.6 million, as of March 31, 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 $0.8 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. Accumulated amortization for deferred costs related to the Revolving Facility was $5.8 million and $5.1 million as of March 31, 2024 and December 31, 2023, respectively. 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 both March 31, 2024 and December 31, 2023.
(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).