Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):

	As of
	December 31, 2021		December 31, 2020
Operating lease right-of-use asset(1)	$	27,435	$	28,550
Deferred finance costs, net(2)		7,875		3,354
Other assets		2,898		1,965
Purchase deposits		2,083		—
Leasing costs, net		456		465
Deferred expenses and other assets, net	$	40,747	$	34,334

(1) Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in "Real estate expense" in the Company’s consolidated statements of operations. During each of the years ended December 31, 2021, 2020 and 2019, the Company recognized $0.4 million in "Real estate expense" and $0.4 million in "Other income" from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5%.

(2) Accumulated amortization of deferred finance costs was $2.2 million and $2.0 million as of December 31, 2021 and 2020, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):

	As of
	December 31, 2021		December 31, 2020
Interest payable	$	31,601	$	17,890
Other liabilities(1)		14,998		6,236
Dividends declared and payable		9,690		8,673
Operating lease liability		5,605		5,732
Management fee payable		4,271		3,402
Accrued expenses(2)		1,427		1,525
Interest rate hedge liabilities		—		33,215
Accounts payable, accrued expenses and other liabilities	$	67,592	$	76,673

(1) As of December 31, 2021 and 2020, other liabilities includes $1.9 million and $1.3 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company’s behalf.

(2) As of December 31, 2021 and 2020, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.