BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements:



Term		Financial Reporting Period
Year ended December 31, 2019		January 1, 2019 through December 31, 2019
Transition period ended December 31, 2018		May 1, 2018 through December 31, 2018
Fiscal year ended April 30, 2018		May 1, 2017 through April 30, 2018
Fiscal year ended April 30, 2017		May 1, 2016 through April 30, 2017

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 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses	These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326.	These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.	We will elect the fair value option, as allowed by ASU 2019-05, for our mortgages receivable and notes receivable at January 1, 2020. The fair value option election is not expected to have a material impact on our consolidated financial statements but will require additional disclosures.
ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements	This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements.	This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.	The new standard will not have a material impact on our condensed consolidated financial statements.
ASU 2019-01, Leases (Topic 842) - Codification Improvements	This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements.	This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019.	The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the "Leases" section below for transition disclosures.
ASU 2019-07, Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates	This ASU clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies and making the codification easier to apply.	This ASU was effective upon issuance.	The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and the related disclosures.

Restrictions on Cash and Cash Equivalents



	(in thousands)
Balance sheet description	December 31, 2019		December 31, 2018		April 30, 2018
Cash and cash equivalents	$	26,579	$	13,792	$	11,891
Restricted cash	19,538		5,464		4,225
Total cash, cash equivalents and restricted cash	$	46,117	$	19,256	$	16,116

Schedule of Cash and Cash Equivalents



	(in thousands)
Balance sheet description	December 31, 2019		December 31, 2018		April 30, 2018
Cash and cash equivalents	$	26,579	$	13,792	$	11,891
Restricted cash	19,538		5,464		4,225
Total cash, cash equivalents and restricted cash	$	46,117	$	19,256	$	16,116

Aggregate Amount of Future Scheduled Lease Income

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, 2019, was as follows:



	(in thousands)
2020	$	2,993
2021	3,020
2022	3,024
2023	2,847
2024	2,308
Thereafter	4,793
Total scheduled lease income - operating leases	$	18,985

Disaggregation of Revenue

The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2019 and the transition period ended December 31, 2018:



		(in thousands)
		Year ended		Transition period ended
Revenue Stream	Applicable Standard	December 31, 2019		December 31, 2018
Fixed lease income - operating leases	Leases	$	176,706	$	114,047
Variable lease income - operating leases	Leases	5,586		3,528
Non-lease components	Revenue from contracts with customers	—		—
Other property revenue	Revenue from contracts with customers	3,463		4,296
Total revenue		$	185,755	$	121,871

Federal Income Tax Note

The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2019, December 31, 2018, and December 31, 2017,



CALENDAR YEAR	2019		2018		2017
Tax status of distributions
Capital gain	38.53	%	100.00	%	48.87	%
Ordinary income	23.43	%	—		14.59	%
Return of capital	38.04	%	—		36.54	%

Schedule of Other Assets

As of December 31, 2019, December 31, 2018, and April 30, 2018, other assets consisted of the following amounts:



	in thousands
	December 31, 2019		December 31, 2018		April 30, 2018
Receivable arising from straight line rents	$	785	$	1,145	$	1,458
Accounts receivable, net of allowance	154		71		81
Fair value of interest rate swaps	—		818		1,779
Loans receivable	16,557		16,399		15,480
Marketable securities	7,055		—		—
Prepaid and other assets	4,866		3,802		5,334
Intangible assets, net of accumulated amortization	1,212		498		1,469
Property and equipment, net of accumulated depreciation	1,277		686		820
Goodwill	1,086		1,546		1,553
Deferred charges and leasing costs	1,837		2,300		2,323
Total Other Assets	$	34,829	$	27,265	$	30,297