Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The following table summarizes the components of other assets:


$ in thousands	March 31, 2024		December 31, 2023
Derivative instruments	$	5,150	$	4,818
Deferred rent	3,169		2,994

Capitalized tax abatement, net(1)	1,322		1,363
Deposits	1,077		—

Prepaid expenses	583		713
Receivables, net	518		688
Other	527		791
Total	$	12,346	$	11,367

(1)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of March 31, 2024, accumulated amortization of the capitalized tax abatement was $0.3 million.

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the notional amount and other information related to our interest rate caps and interest rate swaps as of March 31, 2024 and December 31, 2023:


	March 31, 2024
$ in thousands	Number of Instruments	Notional Amount(1)		Fixed Amount		Fair Value(2)		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Interest rate caps	4	$	178,500	$	2,601	$	2,960	2.81%	0.89
Interest rate swap	1	52,500		N/A		2,190		2.73%	3.08
Total	5	$	231,000	$	2,601	$	5,150


	December 31, 2023
$ in thousands	Number of Instruments	Notional Amount(1)		Fixed Amount		Fair Value(2)		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Interest rate caps	4	$	178,500	$	2,601	$	3,320	2.64%	1.14
Interest rate swap	1	52,500		N/A		1,498		2.73%	3.33
Total	5	$	231,000	$	2,601	$	4,818

(1)The notional amount represents the amount of the mortgage note and revolving credit facility borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.

(2)The fair value of each derivative instrument is included in other assets on our condensed consolidated balance sheets. For the three months ended March 31, 2024 and March 31, 2023, we reported an increase in fair value of $0.3 million and a decrease of $2.3 million, respectively. These changes are included as a component of gain (loss) on derivative instruments, net in our condensed consolidated statements of operations.