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

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022, the Company recognized rental income as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Rental and other property income
Fixed lease payments (1)	$	14,579	$	11,649	$	42,251	$	34,833
Variable lease payments (2)	2,482		2,545		7,748		7,651
Rental and other property income	$	17,061	$	14,194	$	49,999	$	42,484

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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 17 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Hotel properties
Hotel income	$	7,485	$	7,965	$	29,590	$	24,476
Rental and other property income	367		453		1,259		1,275
Interest and other income	96		38		259		74
Hotel revenues	$	7,948	$	8,456	$	31,108	$	25,825

Schedule of Deferred Rent Receivables and Charges, Net

As of September 30, 2023 and December 31, 2022, deferred rent receivable and charges consist of the following (in thousands):

	September 30, 2023		December 31, 2022
Deferred rent receivable	$	16,771	$	20,949
Deferred leasing costs, net of accumulated amortization of $10,100 and $9,637, respectively	6,829		8,319
Deferred offering costs	5,185		5,664
Deferred financing costs, net of accumulated amortization of $579 and $30, respectively	1,614		2,120
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	30,890	$	37,543