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

9 Months Ended

Sep. 30, 2020

Schedule of 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 nine months ended September 30, 2020 and 2019, we recognized rental income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	12,382	$	15,389	$	38,294	$	66,925
Variable lease payments (2)	515		1,917		3,122		6,381
Rental and other property income	$	12,897	$	17,306	$	41,416	$	73,306

(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.

Schedule of 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 17:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Hotel properties
Hotel income	$	1,525	$	7,734	$	10,153	$	27,087
Rental and other property income	222		736		911		2,208
Interest and other income	15		41		65		135
Hotel revenues	$	1,762	$	8,511	$	11,129	$	29,430

Schedule of Deferred Rent Receivables and Charges

As of September 30, 2020 and December 31, 2019, deferred rent receivable and charges consist of the following:


	September 30, 2020		December 31, 2019
	(in thousands)
Deferred rent receivable	$	20,734	$	19,988
Deferred leasing costs, net of accumulated amortization of $7,987 and $7,438, respectively	8,162		9,443
Deferred offering costs	5,892		5,275
Other deferred costs	542		151
Deferred rent receivable and charges, net	$	35,330	$	34,857