Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate as of June 30, 2026 and December 31, 2025:


(dollars in thousands)	June 30, 2026		December 31, 2025
Assets:
Total real estate investments, net	$	103,847	$	103,092
Cash and cash equivalents	2,651		3,599
Other assets, net	7,868		7,083
Total assets	$	114,366	$	113,774
Liabilities:
Notes and bonds payable	$	72,842	$	73,468
Accounts payable and accrued liabilities	790		1,678
Other liabilities	857		651
Total liabilities	$	74,489	$	75,797

Schedule of Variable Interest Entities

As a result, the Company accounts for the two notes receivable as amortized cost and the 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
2022	Texas 1	Equity method	48,951	48,951
2024	Texas 2	Note receivable	11,255	16,729
2024	Texas 2	Note receivable	1	4,500

1Includes investments in seven properties.

2The Company provided seller financing and entered into a mortgage loan and a mezzanine loan in connection with a property disposition.

Schedule of Accounts, Notes, Loans and Financing Receivable

See below for additional information regarding the Company's financing receivables as of June 30, 2026 and December 31, 2025.


(dollars in thousands)			CARRYING VALUE AS OF
ORIGINATION DATE	LOCATION	INTEREST RATE	JUNE 30, 2026		DECEMBER 31, 2025
May 2021	Poway, CA	5.62%	$	—	$	117,260
November 2021	Columbus, OH	6.48%	6,003		5,989
			$	6,003	$	123,249


(dollars in thousands)	ORIGINATION	MATURITY	STATED INTEREST RATE		MAXIMUM LOAN COMMITMENT		OUTSTANDING as of JUNE 30, 2026		INTEREST RECEIVABLE (OTHER ASSETS)		ALLOWANCE FOR CREDIT LOSSES		FAIR VALUE DISCOUNT AND FEES		CARRYING VALUE as of JUNE 30, 2026
Mezzanine loans
Arizona	12/21/2023	12/20/2026	9.00	%	$	6,000	$	6,000	$	36	$	—	$	—	$	6,036
Texas 1	10/03/2024	12/31/2027	11.00	%	4,500		1		—		—		—		1
Wisconsin 2	3/20/2025	3/19/2030	13.00	%	8,500		8,500		1,061		—		—		9,561
Tennessee	4/06/2026	4/06/2031	11.50	%	6,300		—		—		—		—		—
					25,300		14,501		1,097		—		—		15,598
Mortgage loans
Florida	12/28/2023	12/28/2026	9.00	%	7,700		4,569		—		—		—		4,569
Texas 1	10/03/2024	12/31/2027	7.50	%	16,729		11,193		62		—		—		11,255
Texas	3/20/2025	3/19/2030	6.75	%	5,400		5,400		31		—		—		5,431
Texas 2	12/30/2025	12/31/2026	6.75	%	6,400		6,400		218		—		—		6,618
					36,229		27,562		311		—		—		27,873

					$	61,529	$	42,063	$	1,408	$	—	$	—	$	43,471

1In June 2026, the loan was amended to mature on December 31, 2027.

2Outstanding principal and interest due upon maturity.

Schedule of Revenue Recognition

Below is a detail of the amounts by category:


	THREE MONTHS ENDED June 30,				SIX MONTHS ENDED June 30,
in thousands	2026		2025		2026		2025
Type of Revenue
Parking income	$	2,432	$	2,369	$	4,501	$	4,231
Management fee income/other 1	5,601		4,614		11,235		9,140
	$	8,033	$	6,983	$	15,736	$	13,371

1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement

- 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.

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