Quarterly report [Sections 13 or 15(d)]

Receivables and Other Assets

v3.25.1
Receivables and Other Assets
 3 Months Ended
Mar. 31, 2025
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):
March 31, 2025 December 31, 2024
Accounts receivable, net $ 5,176  $ 5,852 
Straight-line rent receivable, net 18,952  16,981 
Total $ 24,128  $ 22,833 
Other assets, net consisted of the following as of the periods indicated below (in thousands):
March 31, 2025 December 31, 2024
Restricted cash $ 39,093  $ 41,570 
Right-of-use assets, net (1)
 21,982  22,216 
Investment in unconsolidated joint venture 11,576  11,822 
Notes receivable (2)
11,383  3,900 
Prepaid expenses 4,604  2,133 
Deferred costs, net (3)
3,865  4,596 
Other assets, net 1,493  1,591 
Total $ 93,996  $ 87,828 
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(1)Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $10.0 million and a below-market right-of-use asset, net of $6.4 million, as of March 31, 2025. Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $10.2 million and a below-market right-of-use asset, net of $6.4 million, as of December 31, 2024. Amortization expense for below market right-of-use asset was less than $0.1 million for the three months ended March 31, 2025 and 2024.
(2)Notes receivable includes a member loan to the Arch Street Joint Venture discussed in Note 3 – Real Estate Investments and Related Intangibles – Investment in Unconsolidated Joint Venture of $8.9 million and $1.4 million as of March 31, 2025 and December 31, 2024, respectively. Notes receivable also includes one $2.5 million long-term seller financed promissory note for one property sold during the year ended December 31, 2023, as of March 31, 2025 and December 31, 2024. This loan was structured as first mortgage loan on the property sold with an unsecured recourse guaranty from the buyer principal.
(3)Includes accumulated amortization for deferred costs related to the Revolving Facility of $7.7 million and $7.0 million as of March 31, 2025 and December 31, 2024, respectively. Amortization expense for deferred costs related to the Revolving Facility was $0.7 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively. Deferred costs, net as of March 31, 2025 and December 31, 2024 also 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.