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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2020
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements | The following table provides a brief description of recent accounting standards updates (“ASUs”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief | These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13, which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. | These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. | We elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard.
ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements | This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. | This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. | The new standard did not have a material impact on our condensed consolidated financial statements but did require additional disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting | This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. | This ASU is optional and may be elected over time. | We are currently evaluating the practical expedients and the impact they may have on our condensed consolidated financial statements.
Schedule of Cash, Cash Equivalents, and Restricted Cash |
| (in thousands)
Balance sheet description | March 31, 2020 |  |  | March 31, 2019 |
Cash and cash equivalents | $ | 26,338 |  |  | $ | 23,329 |
Restricted cash | 2,344 |  |  | 4,819 |
Total cash, cash equivalents and restricted cash | $ | 28,682 |  |  | $ | 28,148 |
Schedule of Cash, Cash Equivalents, and Restricted Cash |
| (in thousands)
Balance sheet description | March 31, 2020 |  |  | March 31, 2019 |
Cash and cash equivalents | $ | 26,338 |  |  | $ | 23,329 |
Restricted cash | 2,344 |  |  | 4,819 |
Total cash, cash equivalents and restricted cash | $ | 28,682 |  |  | $ | 28,148 |
Future Scheduled Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of March 31, 2020, was as follows:
|  | (in thousands)
2020 (remainder) |  | $ | 2,267 |
2021 |  | 3,044 |
2022 |  | 3,047 |
2023 |  | 2,870 |
2024 |  | 2,339 |
Thereafter |  | 5,021 |
Total scheduled lease income - operating leases |  | $ | 18,588 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the three months ended March 31, 2020:
|  |  | (in thousands)
|  |  | Three Months Ended March 31,
Revenue Stream | Applicable Standard |  | 2020 | 2019
Fixed lease income - operating leases | Leases |  | $ | 41,934 |  | $ | 43,743 |
Variable lease income - operating leases | Leases |  | 1,780 |  | 1,083 |
Other property revenue | Revenue from contracts with customers |  | 692 |  | 782 |
Total revenue |  |  | $ | 44,406 |  | $ | 45,608 |
Schedule of Equity Securities at Fair Value | As of March 31, 2020, marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income on the consolidated statements of operations.
| (in thousands)
As of March 31, 2020 | Cost |  | Gross Unrealized Gain (Loss) |  | Carrying Value
Marketable securities | $ | 4,264 |  |  | $ | (2,261 | ) |  | $ | 2,003 |
As of December 31, 2019 |  |  |  |  |
Marketable securities | $ | 6,942 |  |  | $ | 113 |  |  | $ | 7,055 |

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