XML 35 R20.htm IDEA: XBRL DOCUMENT v3.24.3

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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)			September 30, 2024
Assets:
Total real estate properties, net			$	99,946
Cash and cash equivalents			162
Other assets, net			806
Assets held for sale, net			32,264
Total assets			$	133,178
Liabilities:
Accrued expenses and other liabilities			$	9,217
Liabilities held for sale, net			509
Total liabilities			$	9,726

Schedule of Variable Interest Entities

As a result, the Company accounts for the two notes receivable 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			Notes receivable			$	20,500		$	20,500
2021			Charlotte, NC 1			Notes receivable			7,285			7,332
2022			Texas 2			Joint venture			57,955			57,955

1Assumed mortgage notes 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 SEPTEMBER 30, 2024
May 2021			Poway, CA			5.71%			$	115,683
November 2021			Columbus, OH			6.48%			7,362
									$	123,045

(dollars in thousands)			ORIGINATION			MATURITY			STATED INTEREST RATE			MAXIMUM LOAN COMMITMENT			OUTSTANDING as of SEPTEMBER 30, 2024			INTEREST RECEIVABLE (OTHER ASSETS)			ALLOWANCE FOR CREDIT LOSSES			FAIR VALUE DISCOUNT AND FEES			CARRYING VALUE as of SEPTEMBER 30, 2024
Mezzanine loans
Texas			6/24/2021			6/24/2024			8.00		%	$	54,119		$	54,119		$	906		$	(51,958)		$	(3,067)		$	—
Arizona			12/21/2023			12/20/2026			9.00		%	6,000			6,000			36			—			—			6,036
												60,119			60,119			942			(51,958)			(3,067)			6,036
Mortgage loans
Texas 1			6/30/2021			12/02/2024			7.00		%	31,150			31,150			551			(11,201)			—			20,500
North Carolina 2			12/22/2021			12/22/2024			8.00		%	6,000			6,000			1,332			—			(47)			7,285
Florida			5/17/2022			2/27/2026			6.00		%	65,000			35,721			179			—			(29)			35,871
California			3/30/2023			3/29/2026			6.00		%	45,000			45,000			177			—			—			45,177
Florida			12/28/2023			12/28/2026			9.00		%	7,700			6,839			—			—			—			6,839
												154,850			124,710			2,239			(11,201)			(76)			115,672
												$	214,969		$	184,829		$	3,181		$	(63,159)		$	(3,143)		$	121,708

1During the second quarter of 2024, the Company determined that an allowance for credit loss of $11.2 million was needed on this mortgage loan. The reserve amount consists of approximately $10.7 million of principal and approximately $0.5 million of interest. Additionally, the maturity date on this mortgage loan was extended to December 2, 2024.

2Outstanding principal and interest due upon maturity.

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			NINE MONTHS ENDED SEPTEMBER 30, 2024			TWELVE MONTHS ENDED DECEMBER 31, 2023
Allowance for credit losses, beginning of period			$	5,196		$	—
Credit loss reserves			57,963			5,196
Allowance for credit losses, end of period			$	63,159		$	5,196

Schedule of Disaggregation of revenue

Below is a detail of the amounts by category:

			THREE MONTHS ENDED September 30,						NINE MONTHS ENDED September 30,
in thousands			2024			2023			2024			2023
Type of Revenue
Parking income			$	2,363		$	2,751		$	7,372		$	7,511
Management fee income/other 1			2,657			1,910			6,161			5,997
			$	5,020		$	4,661		$	13,533		$	13,508

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://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: 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

+ 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
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-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