Deferred Costs and Other Assets, net

12 Months Ended

Dec. 31, 2023

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

Deferred Costs and Other Assets, net

Deferred Costs and Other Assets, net

Deferred costs and other assets, net, at December 31, 2023 and 2022 are composed of the following:

	December 31,
	2023		2022
Lease origination costs	$	5,501,000	$	4,747,000
Right-of-use assets	2,059,000		2,062,000
Prepaid expenses	1,504,000		1,029,000
Other	77,000		86,000
Total other assets and deferred charges, net	$	9,141,000	$	7,924,000

Deferred costs are amortized over the terms of the related agreements. Amortization expense related to deferred costs, net of discontinued operations, amounted to $1.0 million and $1.1 million for 2023 and 2022, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $10.7 million and $10.6 million at December 31, 2023 and 2022, respectively. Deferred lease origination costs will be charged to future operations as follows:

	Lease origination costs
2024	$	874,000
2025	806,000
2026	747,000
2027	700,000
2028	568,000
Thereafter	1,806,000
	$	5,501,000