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

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021, the Company recognized rental income as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Rental and other property income
Fixed lease payments (1)	$	11,561	$	12,066	$	23,184	$	24,510
Variable lease payments (2)	2,633		1,243		5,106		2,148
Rental and other property income	$	14,194	$	13,309	$	28,290	$	26,658

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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 plus cash payments from tenants deemed not probable of collection.

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 16 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Hotel properties
Hotel income	$	9,107	$	3,130	$	16,511	$	4,862
Rental and other property income	448		334		822		465
Interest and other income	21		13		36		28
Hotel revenues	$	9,576	$	3,477	$	17,369	$	5,355

Schedule of Deferred Rent Receivables and Charges, Net

As of June 30, 2022 and December 31, 2021, deferred rent receivable and charges consist of the following (in thousands):

	June 30, 2022		December 31, 2021
Deferred rent receivable	$	21,260	$	20,870
Deferred leasing costs, net of accumulated amortization of $9,558 and $8,971, respectively	8,099		8,453
Deferred offering costs	6,624		6,281
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	36,474	$	36,095