BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Recent Accounting Standards Updates

The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”).


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting	This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.	This ASU is optional and may be elected over time.	We adopted this guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the Consolidated Financial Statements.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity	This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements.	This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted.	We early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the Consolidated Financial Statements.

Future Scheduled Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2021, was as follows:


	(in thousands)
2022	$	2,447
2023	2,455
2024	2,453
2025	2,400
2026	1,804
Thereafter	880
Total scheduled lease income - operating leases	$	12,439

Disaggregation of Revenue

The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2021, 2020, and 2019:


		(in thousands)
		Year ended December 31,
Revenue Stream	Applicable Standard	2021		2020		2019
Fixed lease income - operating leases	Leases	$	189,452	$	168,119	$	176,706
Variable lease income - operating leases	Leases	8,565		7,068		5,586

Other property revenue	Revenue from contracts with customers	3,688		2,807		3,463
Total revenue		$	201,705	$	177,994	$	185,755

Federal Income Tax Distributions

The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2021, 2020, and 2019:


CALENDAR YEAR	2021		2020		2019
Tax status of distributions
Capital gain	0.92	%	13.62	%	38.53	%
Ordinary income	7.82	%	7.91	%	23.43	%
Return of capital	91.26	%	78.47	%	38.04	%

Schedule of Other Assets

As of December 31, 2021 and 2020, other assets consisted of the following amounts:


	in thousands
	December 31, 2021		December 31, 2020
Receivable arising from straight line rents	$	343	$	336
Accounts receivable, net of allowance	667		523

Real estate related loans receivable	6,208		6,332

Prepaid and other assets	9,693		5,702
Intangible assets, net of accumulated amortization	7,370		1,150
Property and equipment, net of accumulated depreciation	3,370		2,674
Goodwill	866		986
Deferred charges and leasing costs	2,065		1,201
Total Other Assets	$	30,582	$	18,904