Credit Losses on Financial Assets and Other Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Credit losses, financial assets and other instruments, allowance for credit loss

The table below sets forth the activity for our allowance for credit losses for the three months ended March 31, 2023 and 2022 (in thousands):


	Investing Receivables		Tenant Notes Receivable (1)		Other Assets (2)		Total
December 31, 2022	$	2,794	$	778	$	268	$	3,840

Credit loss expense (recoveries)	143		(19)		(57)		67

Write-offs	—		(33)		—		(33)

March 31, 2023	$	2,937	$	726	$	211	$	3,874

December 31, 2021	$	1,599	$	1,057	$	913	$	3,569
Credit loss expense (recoveries)	77		(34)		(359)		(316)
March 31, 2022	$	1,676	$	1,023	$	554	$	3,253

(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.

(2)The balance as of March 31, 2023 was included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. The balance as of December 31, 2022 included $52,000 in the line entitled “accounts receivable, net” and $216,000 in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.

Financing receivable credit quality indicator

The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of March 31, 2023 (in thousands):


	Origination Year
	2018 and Earlier		2019		2020		2021		2022		2023		Total
Investing receivables:
Credit risk classification:
Investment grade	$	61,092	$	—	$	1,931	$	7,569	$	—	$	—	$	70,592
Non-investment grade	—		—		—		—		17,844		—		17,844
Total	$	61,092	$	—	$	1,931	$	7,569	$	17,844	$	—	$	88,436


Tenant notes receivable:
Credit risk classification:
Investment grade	$	772	$	34	$	176	$	—	$	—	$	—	$	982
Non-investment grade	193		78		1,532		—		—		—		1,803
Total	$	965	$	112	$	1,708	$	—	$	—	$	—	$	2,785
Gross write-offs during the three months ended March 31, 2023	$	33	$	—	$	—	$	—	$	—	$	—	$	33

Sales-type lease receivables:
Credit risk classification:
Investment grade	$	—	$	—	$	5,528	$	—	$	—	$	—	$	5,528