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

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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	Lesser of useful life or lease term

Schedule of Recognized Rental Income

For the three months ended March 31, 2021 and 2020, the Company recognized rental income as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Rental and other property income
Fixed lease payments (1)	$	12,444	$	13,345
Variable lease payments (2)	905		1,474
Rental and other property income	$	13,349	$	14,819

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(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 the Company’s 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 15 (in thousands):

	Three Months Ended March 31,
	2021		2020
Hotel properties
Hotel income	$	1,732	$	7,759
Rental and other property income	131		462
Interest and other income	15		32
Hotel revenues	$	1,878	$	8,253

Schedule of Deferred Rent Receivables and Charges

As of March 31, 2021 and December 31, 2020, deferred rent receivable and charges consist of the following (in thousands):

	March 31, 2021		December 31, 2020
Deferred rent receivable	$	20,645	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,084 and $7,742, respectively	8,534		8,950
Deferred offering costs	6,171		6,046
Other deferred costs	544		490
Deferred rent receivable and charges, net	$	35,894	$	35,956

Reclassifications

The reclassifications have been made to the consolidated statements of operations and the consolidated statements of cash flows for the three months ended March 31, 2020 as follows (in thousands):

	Three Months Ended March 31, 2020
	As previously reported		Reclassification		As Revised
Consolidated Statements of Operations
Asset management and other fees to related parties	$	4,139	$	(1,494)	$	2,645
Expense reimbursements to related parties—corporate	$	—	$	812	$	812
Expense reimbursements to related parties—lending segment	$	—	$	682	$	682
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	5,258	$	(156)	$	5,102
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(816)	$	816	$	—
Other assets	$	(695)	$	(660)	$	(1,355)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	(5,000)	$	(4,249)	$	(9,249)
Payment of principal on SBA 7(a) loan-backed notes	$	(4,249)	$	4,249	$	—
Net proceeds from issuance of Preferred Stock	$	8,497	$	146	$	8,643
Net proceeds from issuance of Series D Preferred Stock	$	146	$	(146)	$	—
Preferred stock offering costs offset against redeemable preferred stock	$	176	$	2	$	178
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	2	$	(2)	$	—