Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Range of useful Lives For Depreciable Assets

Range of useful lives for depreciable assets are as follows:

Category	Term
Buildings	40 years
Building improvements	5 - 40 years
Tenant improvements	Shorter of remaining life of the lease or useful life
Furniture and equipment	3 - 7 years

Reconciliation of GAAP Net Income to Taxable Income

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2020				2019				2018
Net income	$	13,528			$	8,224			$	6,659
Book depreciation and amortization		93,367				92,248				66,260
Above/Below market lease amortization		(5,894	)			(6,320	)			(8,593	)
Straight-line rent and other non-cash adjustments		(3,377	)			(2,239	)			(5,619	)
Book/Tax differences on unearned rent		(2,585	)			1,646				3,714
Book/Tax differences on stock based compensation		3,634				4,156				3,039
Book/Tax differences on gain on sale of rental property		3,995				(6,245	)			—
Book/Tax differences on fee waiver income from seller		—				—				1,400
Book/Tax differences on lease inducement		864				—				—
Other book/tax differences, net		137				588				749
Tax depreciation		(52,152	)			(47,025	)			(34,612	)
Loss attributable to non-controlling interest		(6,750	)			(6,922	)			(6,021	)
Taxable income subject to distribution requirements	$	44,767		(1)	$	38,111		(2)	$	26,976		(3)

(1) The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(2) The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

(3) The Company’s distributions are characterized as 45.83% ordinary taxable dividend and 54.17% return of capital.