Receivables and Other Assets |
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| Receivables and Other Assets |
Note 4 – Receivables and Other Assets
Accounts receivable, net consisted of the following as of the dates indicated below (in thousands):
(1)The change in straight-line rent receivable, net as of December 31, 2025 compared to December 31, 2024 includes the impact of a $10.8 million decrease in cash rental revenue from the tenant at our Hopewell, New Jersey property due to a scheduled one-year rent concession period beginning in December 2024.
Other assets, net consisted of the following as of the dates indicated below (in thousands):
(1)Includes right-of-use finance leases of $5.6 million, right-of-use operating leases of $9.4 million and a below-market right-of-use asset, net of $6.3 million as of December 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 $0.2 million for the years ended December 31, 2025, 2024 and 2023.
(2)Includes accumulated amortization for deferred costs related to the Original Revolving Facility of $10.0 million and $7.0 million as of December 31, 2025 and 2024, respectively. Amortization expense for deferred costs related to the Original Revolving Facility was $3.0 million, $3.0 million and $2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Deferred costs, net as of December 31, 2024 also includes outstanding deferred equity offering costs of $0.6 million, which were expensed against other expenses in the accompanying consolidated statements of operations during the year ended December 31, 2025 in connection with the scheduled expiration of the Company’s universal shelf registration statement during year ended December 31, 2025.
(3)Notes receivable includes a member loan, net of reserves, to the Arch Street Joint Venture discussed in Note 3 – Real Estate Investments and Related Intangibles - Investment in Unconsolidated Joint Venture of $0.7 million and $1.4 million as of December 31, 2025 and 2024, respectively. Notes receivable as of December 31, 2024 also includes one $2.5 million long-term seller financed promissory note for one property sold during the year ended December 31, 2023. This loan was structured as a first mortgage loan on the property sold with an unsecured recourse guaranty from the buyer principal and was repaid in full during the year ended December 31, 2025.
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