Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Assets

v3.23.2
Receivables and Other Assets
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Receivables and Other Assets
Note 4 – Receivables and Other Assets:
Accounts receivable, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023 December 31, 2022
Accounts receivable, net $ 10,980  $ 10,461 
Straight-line rent receivable, net 13,980  11,180 
Total $ 24,960  $ 21,641 
Other assets, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023 December 31, 2022
Restricted cash $ 34,699  $ 34,673 
Right-of-use assets, net (1)
 25,907  26,422 
Investment in unconsolidated joint venture 14,725  15,824 
Derivative assets 3,026  6,308 
Deferred costs, net (2)
9,209  4,619 
Prepaid expenses 2,360  1,305 
Other assets, net 1,072  1,063 
Total $ 90,998  $ 90,214 
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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, 2023 and 2022. Includes right-of-use finance leases of $9.0 million, right-of-use operating leases of $10.2 million, and a below-market right-of-use asset, net of $6.7 million as of June 30, 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 $0.5 million and $1.1 million for the three and six months ended June 30, 2023, respectively, as compared to $0.5 million and $1.1 million for the three and six months ended June 30, 2022, respectively. Accumulated amortization for deferred costs related to the Revolving Facility was $3.6 million and $2.5 million as of June 30, 2023 and December 31, 2022, respectively. Additional deferred costs related to the Revolving Facility of $5.6 million were capitalized during the three and six months ended June 30, 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 June 30, 2023 and December 31, 2022, respectively.