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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of Fiscal Period Durations | The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements:
Term |  | Financial Reporting Period
Year ended December 31, 2020 |  | January 1, 2020 through December 31, 2020
Year ended December 31, 2019 |  | January 1, 2019 through December 31, 2019
Transition period ended December 31, 2018 |  | May 1, 2018 through December 31, 2018
Fiscal year ended April 30, 2018 |  | May 1, 2017 through April 30, 2018
Schedule of Recent Accounting Standards Updates | The following table provides a brief description of recent GAAP 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; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses | 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 consolidated financial statements.
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 consolidated financial statements.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity | This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. | This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. | We are currently evaluating the ASU and the impact it may have on our consolidated financial statements.
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 December 31, 2020, was as follows:
|  | (in thousands)
2021 |  | $ | 2,216 |
2022 |  | 2,214 |
2023 |  | 2,208 |
2024 |  | 2,194 |
2025 |  | 2,166 |
Thereafter |  | 2,373 |
Total scheduled lease income - operating leases |  | $ | 13,371 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018:
|  |  | (in thousands)
|  |  | Year ended December 31, |  | Transition period ended
Revenue Stream | Applicable Standard |  | 2020 | 2019 |  | December 31, 2018
Fixed lease income - operating leases | Leases |  | $ | 168,119 |  | $ | 176,706 |  |  | $ | 114,047 |
Variable lease income - operating leases | Leases |  | 7,068 |  | 5,586 |  |  | 3,528 |
Other property revenue | Revenue from contracts with customers |  | 2,807 |  | 3,463 |  |  | 4,296 |
Total revenue |  |  | $ | 177,994 |  | $ | 185,755 |  |  | $ | 121,871 |
Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018:
CALENDAR YEAR |  | 2020 | 2019 | 2018
Tax status of distributions |  |  |  |
Capital gain |  | 13.62 | % | 38.53 | % | 100.00 | %
Ordinary income |  | 7.91 | % | 23.43 | % | — |
Return of capital |  | 78.47 | % | 38.04 | % | — |
Schedule of Other Assets | As of December 31, 2020 and 2019, other assets consisted of the following amounts:
| in thousands
| December 31, 2020 | December 31, 2019 |
Receivable arising from straight line rents | $ | 336 |  | $ | 785 |  |
Accounts receivable, net of allowance | 523 |  | 154 |  |
Real estate related loans receivable | 6,332 |  | 16,557 |  |
Marketable securities | — |  | 7,055 |  |
Prepaid and other assets | 5,702 |  | 4,866 |  |
Intangible assets, net of accumulated amortization | 1,150 |  | 1,212 |  |
Property and equipment, net of accumulated depreciation | 2,674 |  | 1,277 |  |
Goodwill | 986 |  | 1,086 |  |
Deferred charges and leasing costs | 1,201 |  | 1,837 |  |
Total Other Assets | $ | 18,904 |  | $ | 34,829 |  |

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