CEDAR REALTY TRUST, INC. - 10-K filing on 2022-03-10

Other Assets and Deferred Charges, Net

12 Months Ended

Dec. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Note 7. Other Assets and Deferred Charges, Net

Other assets and deferred charges, net, at December 31, 2021 and 2020 are composed of the following:

	December 31,
	2021		2020
Lease origination costs (a)	$	15,233,000	$	22,331,000
Right-of-use assets		9,861,000		13,828,000
Prepaid expenses		7,255,000		6,906,000
Investments related to share-based compensation		955,000		948,000
Unsecured revolving credit facility financing costs		1,134,000		623,000
Leasehold improvements, furniture and fixtures		50,000		85,000
Other		582,000		534,000
Total other assets and deferred charges, net	$	35,070,000	$	45,255,000

(a)

Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $4.5 million (cost of $17.8 million and accumulated amortization of $13.3 million) and $5.5 million (cost of $19.4 million and accumulated amortization of $13.9 million) as of December 31, 2021 and 2020, respectively.

Deferred charges are amortized over the terms of the related agreements. Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense) amounted to $4.7 million, $6.2 million and $5.3 million for 2021, 2020, and 2019, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $36.3 million at December 31, 2021. In addition, deferred financing costs relating to the unsecured revolving credit facility is net of accumulated amortization of $2.9 million at December 31, 2021. Deferred lease origination costs and deferred financing costs relating to the unsecured revolving credit facility will be charged to future operations as follows:

	Lease		Unsecured revolving
	origination		credit facility
	costs		financing costs
2022	$	2,311,000	$	424,000
2023		2,046,000		424,000
2024		1,733,000		286,000
2025		1,451,000		—
2026		1,263,000		—
Thereafter		6,429,000		—
	$	15,233,000	$	1,134,000