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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accordingly, such joint ventures have been

consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate:


(dollars in thousands)	DECEMBER 31, 2022
Assets:
Net real estate investments	$	46,322
Cash and cash equivalents	3,645
Receivables and other assets	2,385
Total assets	$	52,352
Liabilities:
Accrued expenses and other liabilities	$	12,214
Total equity	40,138
Total liabilities and equity	$	52,352

Schedule of variable interest entity

Therefore, the Company accounts for the two notes receivables as amortized cost and a joint venture arrangement under the equity method. See below for additional information regarding the Company's unconsolidated VIEs:


ORIGINATION DATE	LOCATION	SOURCE	CARRYING AMOUNT		MAXIMUM EXPOSURE TO LOSS
2021	Houston, TX 1	Note receivable	$	29,753	$	31,150
2021	Charlotte, NC 1	Note receivable	5,984		6,000
2022	Texas 2	Equity method	23,219		23,219

1Assumed mortgage note receivable in connection with the Merger.

2Includes investments in six properties.

Schedule of assets' estimated useful life

Depreciation and amortization of real estate assets in place as of December 31, 2022, is provided for on a straight-line basis over the asset’s estimated useful life:


Land improvements			2.0 to 39.0 years
Buildings and improvements			3.0 to 49.0 years
Lease intangibles (including ground lease intangibles)			1.2 to 99.0 years
Personal property			3.0 to 20.0 years

Schedule of disaggregation of revenue

Below is a detail of the amounts by category:


	YEAR ENDED DECEMBER 31,
Dollars in thousands	2022		2021		2020
Type of Revenue
Parking income	$	8,513	$	7,859	$	6,720

Management fee income	4,668		2,049		343
Miscellaneous	525		383		304
	$	13,706	$	10,291	$	7,367

Schedule of rental income

The components of rental income are as follows:


	YEAR ENDED DECEMBER 31,
Dollars in thousands	2022		2021		2020
Property operating income	$	883,953	$	514,533	$	488,527
Straight-line rent	23,498		5,801		3,735
Rental income	$	907,451	$	520,334	$	492,262

Schedule of notes receivable


(dollars in thousands)	ORIGINATION	MATURITY	STATED INTEREST RATE		MAXIMUM LOAN COMMITMENT		OUTSTANDING as of DECEMBER 31, 2022
Mezzanine loans
Texas	6/24/2021	6/24/2024	8	%	$	54,119	$	54,119
North Carolina	12/22/2021	12/22/2024	8	%	6,000		6,000
					60,119		60,119
Mortgage loan
Texas	6/30/2021	12/31/2023	7	%	$	31,150	$	31,150
Florida	5/17/2022	2/27/2026	6	%	65,000		13,062
					$	96,150	$	44,212
Accrued interest							758
Fair-value discount and fees							(5,446)
							$	99,643

- 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.

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