XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Accounting Policies [Abstract] |
Schedule of Condensed Balance Sheet | 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) | MARCH 31, 2024
Assets: |
Net real estate investments | $ | 92,028 |
Cash and cash equivalents | 2,548 |
Receivables and other assets | 2,687 |
Total assets | $ | 97,263 |
Liabilities: |
Accrued expenses and other liabilities | $ | 5,681 |
Total equity | 91,582 |
Total liabilities and equity | $ | 97,263 |
Schedule of Variable Interest Entities | As a result, 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 | 5,848 |  | 6,000 |
2022 | Texas 2 | Joint venture | 60,476 |  | 60,476 |
1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties.
Schedule of Accounts, Notes, Loans and Financing Receivable | See below for additional information regarding the Company's financing receivables.
(dollars in thousands) ORIGINATION DATE | LOCATION | INTEREST RATE | CARRYING VALUE as of MARCH 31, 2024
May 2021 | Poway, CA | 5.73% | $ | 114,643 |
November 2021 | Columbus, OH | 6.48% | 7,358 |
|  |  | $ | 122,001 |
(dollars in thousands) | ORIGINATION | MATURITY | STATED INTEREST RATE | MAXIMUM LOAN COMMITMENT | OUTSTANDING as of MAR 31, 2024 | ALLOWANCE FOR CREDIT LOSSES | FAIR VALUE DISCOUNT AND FEES | CARRYING VALUE as of MAR 31, 2024
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 |  | — |  | (152) |  | 5,848 |
Florida | 5/17/2022 | 2/27/2026 | 6.00 | % | 65,000 |  | 33,209 |  | — |  | (39) |  | 33,170 |
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 |  | 7,423 |  | — |  | — |  | 7,423 |
|  |  |  | 154,850 |  | 122,782 |  | — |  | (191) |  | 122,591 |
|  |  |  | $ | 214,969 |  | $ | 182,901 |  | $ | (5,196) |  | $ | (3,258) |  | $ | 174,447 |
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 | THREE MONTHS ENDED MARCH 31, 2024 | TWELVE MONTHS ENDED DECEMBER 31, 2023 |  |  |
Allowance for credit losses, beginning of period | $ | 5,196 |  | $ | — |  |  |  |
Credit loss reserves | — |  | 5,196 |  |  |  |
Allowance for credit losses, end of period | $ | 5,196 |  | $ | 5,196 |  |  |  |
Schedule of Disaggregation of revenue | Below is a detail of the amounts by category:
| THREE MONTHS ENDED March 31, |
in thousands | 2024 | 2023 |  |
Type of Revenue |  |  |  |
Parking income | $ | 2,545 |  | $ | 2,391 |  |  |
Management fee income/other 1 | 1,646 |  | 2,227 |  |  |
| $ | 4,191 |  | $ | 4,618 |  |  |
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration