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Notes Receivable, Net and Other (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Accounts and Notes Receivable

Notes receivable, net are summarized in the table below (dollars in thousands):

			Interest Rate						September 30, 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)									(275)						(527)
									4,975						4,723
Notes receivable, net									$	4,975					$	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.

The components of the receivable are summarized below (dollars in thousands):

			Imputed Interest Rate						September 30, 2022
Deferred Receivable
Face amount			10.0		%				$	1,500
Discount (1)									(271)
									1,229
Total									$	1,229

(1)    The discount represents the imputed interest during the interest-free period.

Schedule of Other Income (Expense)

We recognized discount amortization income as presented in the table below (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
Line Item						2022						2021						2022						2021
Other income (expense)						$	86					$	87					$	252					$	379

For the three and nine months ended September 30, 2022 and 2021, respectively, we recognized imputed interest income as presented in the table below (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
Line Item						2022						2021						2022						2021
Other income (expense)						$	—					$	54					$	—					$	211

We recognized discount amortization income as presented in the table below (in thousands):

						Three Months Ended September 30,						Nine Months Ended September 30,
Line Item						2022												2022
Other income (expense)						$	10											$	10

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items.

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