SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

SUPPLEMENTAL BALANCE SHEET INFORMATION

Restricted Cash

Restricted cash at December 31, 2022 and 2021 was as follows (in thousands):

 

	2022		2021
FF&E reserves	$	10,223	$	23,587
Property taxes	316		2,132
Other	14		6,740
	$	10,553	$	32,459

The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our lodging properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2% to 5% of the revenues of the individual lodging property in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Prepaid Expenses and Other

Prepaid expenses and other at December 31, 2022 and 2021 included the following (in thousands): 

	2022		2021
Deferred acquisition costs (1)	$	334	$	6,763
Prepaid insurance	1,708		6,713
Escrow deposits (1)	—		6,000
Prepaid taxes	1,639		1,691
Other	4,697		3,329
	$	8,378	$	24,496

(1)    Prepaid acquisition costs and escrow deposits at December 31, 2021 primarily relate to the NCI Transaction which was completed in January 2022. See "Note 3 - Investments in Lodging Property, net."

Deferred Charges

Deferred charges at December 31, 2022 and 2021 were as follows (in thousands): 

	2022		2021
Initial franchise fees	$	10,079	$	7,034
Less - accumulated amortization	(3,005)		(2,687)
	$	7,074	$	4,347

Amortization expense for the years ended December 31, 2022, 2021, and 2020 was $0.7 million, $0.5 million and $0.5 million, respectively.

Other Assets

Other assets at December 31, 2022 and 2021 included the following (in thousands):

	2022		2021
Derivative financial instrument	$	16,841	$	—
Purchase options related to real estate loans	—		2,800
Deferred tax asset, net	108		49
Other	895		950
	$	17,844	$	3,799

Accrued Expenses and Other

Accrued expenses and other at December 31, 2022 and 2021 included the following (in thousands):

 

	2022		2021
Accrued property, sales and income taxes	$	28,972	$	17,448
Derivative financial instruments	—		15,723
Accrued salaries and benefits	13,029		13,679
Other accrued expenses at lodging properties	25,282		11,880
Accrued interest	4,158		2,695
Other	9,863		4,794
	$	81,304	$	66,219