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Organization and Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Variable Interest Entities | The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |
Real estate assets, net |  | $ | 299,767 |  |  |  | 270,674 |
Cash, cash equivalents and restricted cash |  |  | 16,734 |  |  |  | 8,201 |
Tenant and other receivables, net |  |  | 5,786 |  |  |  | 3,883 |
Deferred costs, net |  |  | 2,545 |  |  |  | 2,494 |
Acquired lease intangible assets, net |  |  | 6,719 |  |  |  | 12,099 |
Right of use assets, net |  |  | 18,273 |  |  |  | 44,377 |
Other assets |  |  | 1,215 |  |  |  | 893 |
Total Assets |  | $ | 351,039 |  |  |  | 342,621 |
Liabilities |  |  |  |  |  |
Notes payable |  | $ | 32,851 |  |  |  | 33,211 |
Accounts payable and other liabilities |  |  | 10,490 |  |  |  | 29,919 |
Acquired lease intangible liabilities, net |  |  | 10,784 |  |  |  | 21,456 |
Tenants' security, escrow deposits and prepaid rent |  |  | 1,176 |  |  |  | 1,239 |
Lease liabilities |  |  | 19,324 |  |  |  | 21,433 |
Total Liabilities |  | $ | 74,625 |  |  |  | 107,258 |
Revenues and Tenant and Other Receivables | The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:
|  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | Timing of satisfaction of performance obligations |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Management, transaction, and other fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property management services |  | Over time |  | $ | 3,909 |  |  |  | 3,591 |  |  | $ | 11,765 |  |  |  | 10,536 |
Asset management services |  | Over time |  |  | 1,693 |  |  |  | 1,623 |  |  |  | 4,915 |  |  |  | 4,900 |
Leasing services |  | Point in time |  |  | 946 |  |  |  | 889 |  |  |  | 2,537 |  |  |  | 2,703 |
Other fees |  | Point in time |  |  | 217 |  |  |  | 976 |  |  |  | 679 |  |  |  | 2,084 |
Total management, transaction, and other fees |  |  |  | $ | 6,765 |  |  |  | 7,079 |  |  | $ | 19,896 |  |  |  | 20,223 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements:
Standard |  | Description |  | Earlier of Effective Date or the Date of adoption |  | Effect on the financial statements or other significant matters
Recently adopted: |  |  |  |  |  |
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures |  | The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can "better understand an entity’s overall performance" and assess "potential future cash flows." |  | January 1, 2024 |  | The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. |  | ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. |  | January 1, 2025 |  | The Company will review the extent of new disclosures necessary prior to implementation. O t her than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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