OTHER ASSETS

9 Months Ended

Sep. 30, 2022

OTHER ASSETS

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):

	As of
	September 30, 2022		December 31, 2021
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts (1)	$	1,634	$	885
Income Property Straight-line Rent Adjustment and COVID-19 Deferral Balance		5,718		5,180
Operating Leases - Right-of-Use Asset		95		168
Golf Rounds Surcharge		240		338
Cash Flow Hedge - Interest Rate Swap		17,642		1,543
Infrastructure Reimbursement Receivables		1,101		1,080
Prepaid Expenses, Deposits, and Other		8,792		3,526
Due from Alpine Income Property Trust, Inc.		1,181		1,653
Financing Costs, Net of Accumulated Amortization		2,133		524
Total Other Assets	$	38,536	$	14,897

⁽¹⁾ Includes a $1.3 million and $0.5 million allowance for doubtful accounts as of September 30, 2022 and December 31, 2021, respectively.

Income Property Straight-Line Rent Adjustment. As of September 30, 2022 and December 31, 2021, the straight-line rent adjustment includes a balance of $0.1 million of deferred rent related to the COVID-19 Pandemic. Pursuant to the interpretive guidance issued by the FASB in April 2020 on lease modifications, for leases in which deferred rent

agreements were reached, the Company has continued to account for the lease concessions by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced.

Infrastructure Reimbursement Receivables. As of September 30, 2022 and December 31, 2021, the infrastructure reimbursement receivables were all related to the land sales within the Tomoka Town Center. The balance as of September 30, 2022 consisted of $0.8 million due from Tanger for infrastructure reimbursement to be repaid in five remaining annual installments of approximately $0.2 million each, net of a discount of $0.08 million, and $0.3 million due from Sam’s Club for infrastructure reimbursement to be repaid in three remaining annual installments of $0.1 million each, net of a discount of $0.02 million.

Prepaid Expenses, Deposits, and Other. As of September 30, 2022, the $8.8 million of prepaid expenses, deposits, and other included $4.7 million of earnest money deposits related to the acquisition of West Broad Village which closed on  October 14, 2022 as further described in Note 25. “Subsequent Events”.