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Investments, All Other Investments | 12 Months Ended
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Dec. 31, 2024
Investments, All Other Investments [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the carrying amounts of accounts receivable as of December 31, 2024 and 2023 (in thousands):
| 2024 |  | 2023
Receivable from tenants | $ | 5,160 |  |  | $ | 7,298 |
Receivable from non-tenants (1) | 7,094 |  |  | 824 |
Straight-line rent receivable | 72,335 |  |  | 55,533 |
Total | $ | 84,589 |  |  | $ | 63,655 |
Allowance for Credit Losses | The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the years ended December 31, 2024 and 2023 (in thousands):
| Mortgage notes receivable | Unfunded commitments - mortgage notes receivable | Notes receivable | Unfunded commitments - notes receivable | Total
Allowance for credit losses at December 31, 2022 | $ | 8,999 |  | $ | 751 |  | $ | 11,952 |  | $ | — |  | $ | 21,702 |
Provision (benefit) for credit losses, net | 2,428 |  | 321 |  | (1,871) |  | — |  | 878 |
Charge-offs | (7,771) |  | — |  | (394) |  | — |  | (8,165) |
Recoveries | — |  | — |  | — |  | — |  | — |
Allowance for credit losses at December 31, 2023 | $ | 3,656 |  | $ | 1,072 |  | $ | 9,687 |  | $ | — |  | $ | 14,415 |
Provision (benefit) for credit losses, net | 13,455 |  | (332) |  | (876) |  | — |  | 12,247 |
Charge-offs | — |  | — |  | — |  | — |  | — |
Recoveries | — |  | — |  | — |  | — |  | — |
Allowance for credit losses at December 31, 2024 | $ | 17,111 |  | $ | 740 |  | $ | 8,811 |  | $ | — |  | $ | 26,662 |
Financing Receivables | Investment in Mortgage Notes and Notes Receivable The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of December 31, 2024, the Company did not anticipate any prepayments. Ther efore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to specific loan information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The CECL allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. Investment in mortgage notes, including related accrued interest receivable, at December 31, 2024 and 2023 consists of the following (in thousands):
| Year of Origination | Interest Rate | Maturity Date | Periodic Payment Terms | Outstanding principal amount of mortgage at December 31, 2024 | Carrying amount as of December 31, | Unfunded commitments
Description | 2024 | 2023 | December 31, 2024
Attraction property Powells Point, North Carolina | 2019 | 7.23 | % | 6/30/2025 | Interest only | $ | 29,378 |  | $ | 29,173 |  | $ | 29,200 |  | $ | — |
Eat & play property Eugene, Oregon | 2019 | 8.13 | % | 12/31/2025 | Interest only | 10,750 |  | 10,417 |  | 10,417 |  | — |
Fitness & wellness property Merriam, Kansas | 2019 | 8.15 | % | 7/31/2029 | Interest only | 9,090 |  | 9,238 |  | 9,223 |  | — |
Fitness & wellness property Omaha, Nebraska | 2017 | 9.25 | % | 6/30/2030 | Interest only | 10,905 |  | 10,996 |  | 10,951 |  | — |
Fitness & wellness property Omaha, Nebraska | 2016 | 9.25 | % | 6/30/2030 | Interest only | 10,539 |  | 10,659 |  | 10,615 |  | — |
Experiential lodging property Nashville, Tennessee | 2019 | 7.69 | % | 9/30/2031 | Interest only | 70,000 |  | 71,041 |  | 71,187 |  | — |
Ski property Girdwood, Alaska | 2019 | 8.79 | % | 7/31/2032 | Interest only | 80,120 |  | 79,742 |  | 78,062 |  | 1,880 |
Fitness & wellness properties Colorado and California | 2022 | 7.15 | % | 1/10/2033 | Interest only | 64,252 |  | 64,275 |  | 59,207 |  | 298 |
Eat & play property Austin, Texas | 2012 | 11.31 | % | 6/1/2033 | Principal & Interest-fully amortizing | 9,083 |  | 9,083 |  | 9,701 |  | — |
Eat & play property Dallas, Texas | 2023 | 10.25 | % | 11/26/2033 | Interest only | 6,175 |  | 6,163 |  | 1,105 |  | — |
Experiential lodging property Breaux Bridge, Louisiana (1) | 2022 | 7.25 | % | 3/8/2034 | Interest only | 11,305 |  | 1,000 |  | 11,373 |  | — |
Fitness & wellness property Glenwood Springs, Colorado | 2024 | 8.45 | % | 8/16/2034 | Interest only | 52,000 |  | 51,892 |  | — |  | — |
Ski property West Dover and Wilmington, Vermont | 2007 | 12.50 | % | 12/1/2034 | Interest only | 51,050 |  | 51,049 |  | 51,049 |  | — |
Four ski properties Ohio and Pennsylvania | 2007 | 11.58 | % | 12/1/2034 | Interest only | 37,562 |  | 37,430 |  | 37,495 |  | — |
Ski property Chesterland, Ohio | 2012 | 12.07 | % | 12/1/2034 | Interest only | 4,550 |  | 4,394 |  | 4,508 |  | — |
Ski property Hunter, New York | 2016 | 9.19 | % | 1/5/2036 | Interest only | 21,000 |  | 21,000 |  | 21,000 |  | — |
Eat & play property Midvale, Utah | 2015 | 10.25 | % | 5/31/2036 | Interest only | 17,505 |  | 17,505 |  | 17,505 |  | — |
Eat & play property West Chester, Ohio | 2015 | 9.75 | % | 8/1/2036 | Interest only | 18,068 |  | 18,068 |  | 18,067 |  | — |
Fitness & wellness property Fort Collins, Colorado | 2018 | 8.00 | % | 1/31/2038 | Interest only | 10,292 |  | 9,896 |  | 10,070 |  | — |
Early childhood education center Lake Mary, Florida | 2019 | 8.35 | % | 5/9/2039 | Interest only | 4,200 |  | 4,412 |  | 4,387 |  | — |
Early childhood education center Lithia, Florida | 2017 | 9.11 | % | 10/31/2039 | Interest only | 3,959 |  | 4,103 |  | 4,018 |  | — |
Attraction property Frankenmuth, Michigan | 2022 | 8.25 | % | 10/14/2042 | Interest only | 69,139 |  | 67,966 |  | 24,375 |  | — |
Fitness & wellness properties Massachusetts and New York | 2023 | 8.30 | % | 1/10/2044 | Interest only | 77,000 |  | 76,294 |  | 76,253 |  | 47,100 |
Total |  |  |  |  | $ | 677,922 |  | $ | 665,796 |  | $ | 569,768 |  | $ | 49,278 |
(1) During the fourth quarter of 2024, the Company made the decision to exit its unconsolidated equity investment in an operating RV property located in Breaux Bridge, Louisiana. The Company had previously provided an $11.3 million subordinated mortgage note receivable to the joint venture. On February 4, 2025, the Company received $1.0 million in exchange for the sale of its remaining subordinated mortgage note receivable. Accordingly, during the fourth quarter of 2024, the Company recognized $10.3 million as a provision for credit loss. See Note 8 for further details on this mortgage note receivable. Investment in notes receivable, including related accrued interest receivable, was $3.3 million and $3.9 million at December 31, 2024 and 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets. At December 31, 2024, two of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent. Expected credit losses are based on the fair value of the underlying collateral with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value at the reporting date. The Company assessed the fair value of the collateral as of December 31, 2024 on the mortgage notes receivable and the notes receivable. One mortgage note receivable has a carrying amount at December 31, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. One mortgage note receivable has a carrying amount at December 31, 2024 of approximately $1.0 million net of an allowance for credit loss totaling $10.3 million. This mortgage note receivable became collateral dependent during the three months ended December 31, 2024 and is a subordinated loan due from an unconsolidated real estate joint venture. See Note 8 for more details. The two notes receivable remain fully reserved with an allowance for credit loss totaling $6.9 million and $1.9 million, respectively, which represents the outstanding principal balances of the notes as of December 31, 2024. Income from these borrowers is recognized on a cash basis. During the years ended December 31, 2024 and 2023, the Company received cash basis interest payments of $0.9 million for each period from the mortgage note receivable borrower and $0.7 million for each period from one of the note receivable borrowers. During the years ended December 31, 2024 and 2023, the Company received principal payments totaling $0.8 million and $0.7 million, respectively, from one of the note receivable borrowers. At December 31, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $6.9 million, which is fully reserved in the allowance for credit losses at December 31, 2024. The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the years ended December 31, 2024 and 2023 (in thousands):
| Mortgage notes receivable | Unfunded commitments - mortgage notes receivable | Notes receivable | Unfunded commitments - notes receivable | Total
Allowance for credit losses at December 31, 2022 | $ | 8,999 |  | $ | 751 |  | $ | 11,952 |  | $ | — |  | $ | 21,702 |
Provision (benefit) for credit losses, net | 2,428 |  | 321 |  | (1,871) |  | — |  | 878 |
Charge-offs | (7,771) |  | — |  | (394) |  | — |  | (8,165) |
Recoveries | — |  | — |  | — |  | — |  | — |
Allowance for credit losses at December 31, 2023 | $ | 3,656 |  | $ | 1,072 |  | $ | 9,687 |  | $ | — |  | $ | 14,415 |
Provision (benefit) for credit losses, net | 13,455 |  | (332) |  | (876) |  | — |  | 12,247 |
Charge-offs | — |  | — |  | — |  | — |  | — |
Recoveries | — |  | — |  | — |  | — |  | — |
Allowance for credit losses at December 31, 2024 | $ | 17,111 |  | $ | 740 |  | $ | 8,811 |  | $ | — |  | $ | 26,662 |

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