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

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021, the Company recognized rental income as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Rental and other property income
Fixed lease payments (1)	$	11,649	$	9,747	$	34,833	$	34,257
Variable lease payments (2)	2,545		3,091		7,651		5,239
Rental and other property income	$	14,194	$	12,838	$	42,484	$	39,496

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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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Hotel properties
Hotel income	$	7,965	$	5,212	$	24,476	$	10,074
Rental and other property income	453		251		1,275		716
Interest and other income	38		15		74		43
Hotel revenues	$	8,456	$	5,478	$	25,825	$	10,833

Schedule of Deferred Rent Receivables and Charges, Net

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

	September 30, 2022		December 31, 2021
Deferred rent receivable	$	20,993	$	20,870
Deferred leasing costs, net of accumulated amortization of $9,481 and $8,971, respectively	8,511		8,453
Deferred offering costs	6,413		6,281
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	36,408	$	36,095