BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Estimated Useful Lives of Investments in Real Estate

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

Buildings and improvements	15 - 40 years
Furniture, fixtures, and equipment	3 - 5 years
Tenant improvements	Shorter of the useful lives or the terms of the related leases

Schedule of Recognized Rental Income

For the three and six months ended June 30, 2020 and 2019, we recognized rental income as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	12,567	$	20,640	$	25,912	$	51,536
Variable lease payments (2)	1,133		1,779		2,607		4,464
Rental and other property income	$	13,700	$	22,419	$	28,519	$	56,000

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Hotel properties
Hotel income	$	869	$	9,549	$	8,628	$	19,353
Rental and other property income	227		736		689		1,472
Interest and other income	18		45		50		94
Hotel revenues	$	1,114	$	10,330	$	9,367	$	20,919