Notes Receivable, net and Other

3 Months Ended

Mar. 31, 2022

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

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(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