XML 31 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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

1Assumed mortgage note receivable in connection with the Merger.

2Includes 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.

- 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 + Details