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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of consolidated balance sheets | 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, 2023
Assets: |
Net real estate investments | $ | 85,752 |
Cash and cash equivalents | 2,144 |
Receivables and other assets | 2,704 |
Total assets | $ | 90,600 |
Liabilities: |
Accrued expenses and other liabilities | $ | 17,835 |
Total equity | 72,765 |
Total liabilities and equity | $ | 90,600 |
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:
(dollars in thousands) ORIGINATION DATE | LOCATION | SOURCE | CARRYING AMOUNT | MAXIMUM EXPOSURE TO LOSS
2021 | Houston, TX 1 | Note receivable | $ | 31,150 |  | $ | 31,150 |
2021 | Charlotte, NC 1 | Note receivable | 5,796 |  | 6,000 |
2022 | Texas 2 | Equity method | 61,801 |  | 61,801 |
1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties.
Schedule of assets' estimated useful life | Depreciation and amortization of real estate assets in place as of December 31, 2023, 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 | 3.3 to 49.0 years
Lease intangibles (including ground lease intangibles) | 1.0 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,
in thousands | 2023 | 2022 | 2021
Type of Revenue |  |  |
Parking income | $ | 9,903 |  | $ | 8,513 |  | $ | 7,859 |
Management fee income/other 1 | 7,548 |  | 5,193 |  | 2,432 |
| $ | 17,451 |  | $ | 13,706 |  | $ | 10,291 |
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.
Schedule of rental income | The components of rental income are as follows:
| YEAR ENDED DECEMBER 31, |
in thousands | 2023 | 2022 | 2021 |
Property operating income | $ | 1,270,508 |  | $ | 883,953 |  | $ | 514,533 |  |
Straight-line rent | 38,676 |  | 23,498 |  | 5,801 |  |
Rental income | $ | 1,309,184 |  | $ | 907,451 |  | $ | 520,334 |  |
Schedule of notes receivable | See below for additional information regarding the Company's financing receivables as of December 31, 2023.
(dollars in thousands) ORIGINATION DATE | LOCATION | INTEREST RATE | CARRYING VALUE as of DECEMBER 31, 2023
May 2021 | Poway, CA | 5.71% | $ | 115,239 |
November 2021 | Columbus, OH | 6.48% | 7,363 |
|  |  | $ | 122,602 |
(dollars in thousands) | ORIGINATION | MATURITY | STATED INTEREST RATE | MAXIMUM LOAN COMMITMENT | OUTSTANDING as of DEC 31, 2023 | ALLOWANCE FOR CREDIT LOSSES | FAIR VALUE DISCOUNT AND FEES | CARRYING VALUE as of DEC 31, 2023
Mezzanine loans |  |  |  |  |  |  |  |
Texas | 6/24/2021 | 6/24/2024 | 8.00 | % | $ | 54,119 |  | $ | 54,119 |  | $ | (5,196) |  | $ | (3,067) |  | $ | 45,856 |
Arizona | 12/21/2023 | 12/20/2026 | 9.00 | % | 6,000 |  | 6,000 |  | — |  | — |  | 6,000 |
|  |  |  | 60,119 |  | 60,119 |  | (5,196) |  | (3,067) |  | 51,856 |
Mortgage loans |  |  |  |  |  |  |  |
Texas | 6/30/2021 | 7/01/2024 | 7.00 | % | 31,150 |  | 31,150 |  | — |  | — |  | 31,150 |
North Carolina | 12/22/2021 | 12/22/2024 | 8.00 | % | 6,000 |  | 6,000 |  | — |  | (204) |  | 5,796 |
Florida | 5/17/2022 | 2/27/2026 | 6.00 | % | 65,000 |  | 32,156 |  | — |  | (44) |  | 32,112 |
California | 3/30/2023 | 3/29/2026 | 6.00 | % | 45,000 |  | 45,000 |  | — |  | — |  | 45,000 |
Florida | 12/28/2023 | 12/28/2026 | 9.00 | % | 7,700 |  | 7,700 |  | — |  | — |  | 7,700 |
|  |  |  | 154,850 |  | 122,006 |  | — |  | (248) |  | 121,758 |
|  |  |  | $ | 214,969 |  | $ | 182,125 |  | $ | (5,196) |  | $ | (3,315) |  | $ | 173,614 |
Schedule of company's allowance for credit losses | The following table summarizes the Company's allowance for credit losses on real estate notes receivable:
Dollars in thousands | TWELVE MONTHS ENDED DECEMBER 31, 2023 | TWELVE MONTHS ENDED DECEMBER 31, 2022 |  |  |
Allowance for credit losses, beginning of period | $ | — |  | $ | — |  |  |  |
Credit loss reserves | 5,196 |  | — |  |  |  |
Allowance for credit losses, end of period | $ | 5,196 |  | $ | — |  |  |  |

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