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

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023, the Company recognized rental income as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Rental and other property income
Fixed lease payments (1)	$	16,348	$	12,474
Variable lease payments (2)	2,425		2,412
Rental and other property income	$	18,773	$	14,886

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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 March 31,
	2024		2023
Hotel properties
Hotel income	$	11,264	$	10,923
Rental and other property income	490		490
Interest and other income	100		79
Hotel revenues	$	11,854	$	11,492

Schedule of Deferred Rent Receivables and Charges, Net

As of March 31, 2024 and December 31, 2023, deferred rent receivable and charges consist of the following (in thousands):

	March 31, 2024		December 31, 2023
Deferred rent receivable	$	14,783	$	14,757
Deferred leasing costs, net of accumulated amortization of $10,810 and $10,483, respectively	6,360		6,613
Deferred offering costs	4,906		4,925
Deferred financing costs, net of accumulated amortization of $947 and $764, respectively	1,253		1,436
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	27,793	$	28,222