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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
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 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 adopted this guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the 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 early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the 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, 2021, was as follows:
|  | (in thousands)
2022 |  | $ | 2,447 |
2023 |  | 2,455 |
2024 |  | 2,453 |
2025 |  | 2,400 |
2026 |  | 1,804 |
Thereafter |  | 880 |
Total scheduled lease income - operating leases |  | $ | 12,439 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2021, 2020, and 2019:
|  |  | (in thousands)
|  |  | Year ended December 31,
Revenue Stream | Applicable Standard |  | 2021 | 2020 | 2019
Fixed lease income - operating leases | Leases |  | $ | 189,452 |  | $ | 168,119 |  | $ | 176,706 |
Variable lease income - operating leases | Leases |  | 8,565 |  | 7,068 |  | 5,586 |
Other property revenue | Revenue from contracts with customers |  | 3,688 |  | 2,807 |  | 3,463 |
Total revenue |  |  | $ | 201,705 |  | $ | 177,994 |  | $ | 185,755 |
Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2021, 2020, and 2019:
CALENDAR YEAR |  | 2021 | 2020 | 2019
Tax status of distributions |  |  |  |
Capital gain |  | 0.92 | % | 13.62 | % | 38.53 | %
Ordinary income |  | 7.82 | % | 7.91 | % | 23.43 | %
Return of capital |  | 91.26 | % | 78.47 | % | 38.04 | %
Schedule of Other Assets | As of December 31, 2021 and 2020, other assets consisted of the following amounts:
| in thousands
| December 31, 2021 | December 31, 2020 |
Receivable arising from straight line rents | $ | 343 |  | $ | 336 |  |
Accounts receivable, net of allowance | 667 |  | 523 |  |
Real estate related loans receivable | 6,208 |  | 6,332 |  |
Prepaid and other assets | 9,693 |  | 5,702 |  |
Intangible assets, net of accumulated amortization | 7,370 |  | 1,150 |  |
Property and equipment, net of accumulated depreciation | 3,370 |  | 2,674 |  |
Goodwill | 866 |  | 986 |  |
Deferred charges and leasing costs | 2,065 |  | 1,201 |  |
Total Other Assets | $ | 30,582 |  | $ | 18,904 |  |

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