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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Recent Accounting Pronouncements | The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures | This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. | This ASU is effective and was adopted during the current year ended December 31, 2024. | The ASU required additional disclosure but did not have a material impact on the Consolidated Financial Statements.
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses | This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. | This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. | The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
Schedule of Future Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2024, was as follows:
|  | (in thousands)
2025 |  | $ | 2,670 |
2026 |  | 2,557 |
2027 |  | 2,308 |
2028 |  | 1,946 |
2029 |  | 1,626 |
Thereafter |  | 6,045 |
Total scheduled lease income - operating leases |  | $ | 17,152 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the years ended December 31, 2024, 2023, and 2022:
|  |  | (in thousands)
|  |  | Year ended December 31,
Revenue Stream | Applicable Standard |  | 2024 | 2023 | 2022
Fixed lease income - operating leases | Leases |  | $ | 243,008 |  | $ | 243,931 |  | $ | 240,031 |
Variable lease income - operating leases | Leases |  | 13,419 |  | 12,433 |  | 10,754 |
Other property revenue | Revenue from contracts with customers |  | 4,556 |  | 4,945 |  | 5,931 |
Total revenue |  |  | $ | 260,983 |  | $ | 261,309 |  | $ | 256,716 |
Schedule of Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2024, 2023, and 2022:
CALENDAR YEAR |  | 2024 | 2023 | 2022
Tax status of distributions |  |  |  |
Capital gain |  | — | % | 48.79 | % | — | %
Ordinary income |  | 41.71 | % | 28.46 | % | 13.42 | %
Return of capital |  | 58.29 | % | 22.75 | % | 86.58 | %
Schedule of Other Assets | As of December 31, 2024 and 2023, other assets consisted of the following amounts:
| in thousands
| December 31, 2024 | December 31, 2023
Receivable arising from straight line rents | $ | 408 |  | $ | 347 |
Accounts receivable, net of allowance | 384 |  | 267 |
Real estate related notes receivable | 25,092 |  | 7,039 |
Prepaid assets | 8,271 |  | 7,828 |
Other assets(1) | 4,626 |  | 5,294 |
Intangible assets, net of accumulated amortization | 1,977 |  | 2,723 |
Property and equipment, net of accumulated depreciation | 2,543 |  | 2,798 |
Goodwill | 491 |  | 491 |
Deferred charges and leasing costs | 2,025 |  | 862 |
Total Other Assets | $ | 45,817 |  | $ | 27,649 |
(1)See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here.

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