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v3.22.1

Notes Receivable, net and Other | 3 Months Ended
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Mar. 31, 2022
Receivables [Abstract] |
Notes Receivable, net and Other | Notes Receivable, net and Other Notes receivable, net are summarized in the table below (dollars in thousands):
| Interest Rate |  | March 31, 2022 |  | December 31, 2021
Construction Financing Note (1) (4) |  |  |  |  |
Face amount | 7.0 | % |  | $ | — |  |  | $ | 4,000 |
Certificate of Occupancy Note (2) (4) |  |  |  |  |
Face amount | 7.0 | % |  | $ | 5,250 |  |  | $ | 5,250 |
Discount (3) |  |  | (445) |  |  | (527) |
|  |  | 4,805 |  |  | 4,723 |
Notes receivable, net |  |  | $ | 4,805 |  |  | $ | 8,723 |
____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was due and payable on or before the earlier of (i) the buyer closing on third-party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024. On March 4, 2022, the Construction Financing Note was paid in full in the amount of $4.0 million. (2) The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025. (3) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (4) The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the three months ended March 31, 2022 and 2021. We recognized discount amortization income as presented in the table below (in thousands):
|  | Three Months Ended March 31, |  |
Line Item |  | 2022 |  | 2021 |  |  |  |  |  |
Other income (expense) |  | $ | 82 |  |  | $ | 145 |  |  |  |  |  |  |
As of March 31, 2022 and December 31, 2021, the expected credit loss associated with the notes receivables was immaterial. , we received reimbursement of $120,000 for parking fees and recognized income of $4,000, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel was in development. On August 31, 2021, the parking parcel was completed and we obtained access to utilize the parking parcel. For the three March 31, 2022 and 2021, respectively, we recognized imputed interest income as presented in the table below (in thousands):
|  | Three Months Ended March 31, |  |
Line Item |  | 2022 |  | 2021 |  |  |  |  |  |
Other income (expense) |  | $ | — |  |  | $ | 78 |  |  |  |  |  |  |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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