Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Assets

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Receivables and Other Assets
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Receivables and Other Assets
Note 4 – Receivables and Other Assets:
Accounts receivable, net consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024 December 31, 2023
Accounts receivable, net $ 7,014  $ 9,008 
Straight-line rent receivable, net 16,108  15,655 
Total $ 23,122  $ 24,663 
Other assets, net consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024 December 31, 2023
Restricted cash $ 34,739  $ 34,725 
Right-of-use assets, net (1)
 22,677  26,596 
Investment in unconsolidated joint venture 12,382  13,549 
Deferred costs, net (2)
6,086  7,693 
Notes receivable (3)
3,500  3,700 
Prepaid expenses 2,608  1,318 
Other assets, net 1,558  1,247 
Total $ 83,550  $ 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 and six months ended June 30, 2024 and 2023. Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $10.6 million, and a below-market right-of-use asset, net of $6.5 million as of June 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 $1.5 million for the three and six months ended June 30, 2024, respectively, as compared to $0.5 million and $1.1 million for the three and six months ended June 30, 2023, respectively. Accumulated amortization for deferred costs related to the Revolving Facility was $5.5 million and $5.1 million as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 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 three and six months ended June 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 both June 30, 2024 and December 31, 2023.
(3)Notes receivable includes one short-term and one long-term seller financed promissory note 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).