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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020, the Company recognized rental income as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Rental and other property income
Fixed lease payments (1)
$12,066 $12,567 $24,510 $25,912 
Variable lease payments (2)
1,243 1,133 2,148 2,607 
Rental and other property income$13,309 $13,700 $26,658 $28,519 
______________________
(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 June 30,Six Months Ended June 30,
2021202020212020
Hotel properties
Hotel income$3,130 $869 $4,862 $8,628 
Rental and other property income334 227 465 689 
Interest and other income13 18 28 50 
Hotel revenues$3,477 $1,114 $5,355 $9,367 
Schedule of Deferred Rent Receivables and Charges, Net
As of June 30, 2021 and December 31, 2020, deferred rent receivable and charges consist of the following (in thousands):
 June 30, 2021December 31, 2020
Deferred rent receivable$21,200 $20,470 
Deferred leasing costs, net of accumulated amortization of $8,420 and $7,742, respectively
8,275 8,950 
Deferred offering costs6,373 6,046 
Other deferred costs491 490 
Deferred rent receivable and charges, net$36,339 $35,956 
Reclassifications The reclassifications have been made to the consolidated statement of cash flows for the six months ended June 30, 2020 as follows (in thousands):
Six Months Ended June 30, 2020
As previously reportedReclassificationAs Revised
Consolidated Statements of Cash Flows
Depreciation and amortization, net$10,455 $(211)$10,244 
Deferred rent and amortization of intangible assets, liabilities and lease inducements$(1,341)$1,341 $— 
Other assets$578 $(1,130)$(552)
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes$— $(10,370)$(10,370)
Payment of principal on SBA 7(a) loan-backed notes$(5,370)$5,370 $— 
Payment of unsecured revolving lines of credit, revolving credit facility and or term note$(5,000)$5,000 $— 
Proceeds from revolving credit facilities and term notes$— $76,966 $76,966 
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note$61,500 $(61,500)$— 
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility$15,466 $(15,466)$— 
Payment of deferred costs$(70)$(133)$(203)
Payment of deferred loan costs$(133)$133 $— 
Net proceeds from issuance of Preferred Stock$21,296 $170 $21,466 
Net proceeds from issuance of Series D Preferred Stock$170 $(170)$— 
Additions to deferred loan costs included in accounts payable and accrued expenses$292 $(292)$— 
Accrued deferred costs$165 $292 $457 
Preferred stock offering costs offset against redeemable preferred stock$303 $2 $305 
Preferred stock offering costs offset against redeemable preferred stock in permanent equity$2 $(2)$— 
Accrued redeemable preferred stock fees$247 $2 $249 
Redeemable Series D Preferred Stock fees included in accounts payable and accrued expenses$2 $(2)$—