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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2023
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, 2023 and 2022, the Company recognized rental income as follows (in thousands):
Three Months Ended March 31,
20232022
Rental and other property income
Fixed lease payments (1)
$12,474 $11,623 
Variable lease payments (2)
2,412 2,473 
Rental and other property income$14,886 $14,096 
______________________
(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 17 (in thousands):
Three Months Ended March 31,
20232022
Hotel properties
Hotel income$10,923 $7,404 
Rental and other property income490 374 
Interest and other income79 15 
Hotel revenues$11,492 $7,793 
Schedule of Deferred Rent Receivables and Charges, Net
As of March 31, 2023 and December 31, 2022, deferred rent receivable and charges consist of the following (in thousands):
 March 31, 2023December 31, 2022
Deferred rent receivable$18,210 $20,949 
Deferred leasing costs, net of accumulated amortization of $9,728 and $9,637, respectively
7,641 8,319 
Deferred offering costs5,577 5,664 
Deferred financing costs, net of accumulated amortization of $213 and $30, respectively
1,975 2,120 
Other deferred costs491 491 
Deferred rent receivable and charges, net$33,894 $37,543