Accounts Payable, Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2022

Accounts Payable, Accrued Expenses and Other Liabilities

13. Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the Partnership's accounts payable, accrued expenses and other liabilities as of March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
Accounts payable	$	1,095,665	$	1,234,111
Accrued expenses		2,583,926		4,102,381
Accrued interest expense		4,607,370		4,229,119
Operating lease liabilities		2,152,394		2,151,991
Other liabilities		2,097,924		1,946,610
Total accounts payable, accrued expenses and other liabilities	$	12,537,279	$	13,664,212

The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048. The Partnership has an option to extend the lease for an additional five-year period, which has not been factored into the calculation of the ROU asset and lease liability. Annual lease payments are $100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of March 31, 2022, the minimum aggregate annual payment due under the agreement is approximately $138,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $42,000 for the three months ended March 31, 2022 and 2021, respectively, and are reported within “Real estate operating expenses” in the Partnership's condensed consolidated statements of operations.

The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of March 31, 2022:


Remainder of 2022	$	106,151
2023		143,561
2024		144,706
2025		147,598
2026		150,548
Thereafter		4,219,127
Total		4,911,691
Less: Amount representing interest		(2,759,297	)
Total operating lease liabilities	$	2,152,394