Other Assets (Tables)

3 Months Ended

Mar. 31, 2025

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

Schedule of Other Assets

The following table summarizes the components of other assets:

in thousands	March 31, 2025		December 31, 2024
Note receivable(2)	$	7,629	$	—
Deferred rent	3,814		3,669
Capitalized tax abatement, net(1)	1,155		1,196
Derivative instruments	999		1,733
Prepaid expenses	772		791
Receivables, net	520		1,052
Deposits	329		339
Other	508		418
Total	$	15,726	$	9,198

(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, 2025, accumulated amortization of the capitalized tax abatement was $0.5 million.

(2)The note receivable is part of the total consideration from the unaffiliated third party buyer in the sale of the 40% indirect leasehold interest in The Carmin. It is due from the buyer within six months from the sale date, February 28, 2025. The buyer is not required to pay interest on the note receivable unless it is not paid back within six months. If the buyer does not pay timely, the loan shall bear interest at the lesser of 18%, or the highest rate permitted by the law, compounding monthly until paid. The interest payments will also apply retroactively from the date of the sale in lieu of the no interest period.