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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investment 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 Deferred Rent Receivables and Charges, Net

As of December 31, 2023 and 2022, deferred rent receivable and charges, net consist of the following:

	December 31, 2023		December 31, 2022
	(in thousands)
Deferred rent receivable	$	14,757	$	20,949
Deferred leasing costs, net of accumulated amortization of $10,483 and $9,637, respectively	6,613		8,319
Deferred offering costs	4,925		5,664
Deferred financing costs, net of accumulated amortization of $764 and $30, respectively	1,436		2,120
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	28,222	$	37,543

Schedule of Recognized Rental Income

For the years ended December 31, 2023 and 2022, the Company recognized rental income as follows:

	Year Ended December 31,
	2023		2022
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	55,520	$	46,373
Variable lease payments (2)	10,482		9,853
Rental and other property income	$	66,002	$	56,226

(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 collections.

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 18:

	Year Ended December 31,
	2023		2022
	(in thousands)
Hotel properties
Hotel income	$	39,063	$	33,432
Rental and other property income	1,676		1,650
Interest and other income	357		131
Hotel revenues	$	41,096	$	35,213