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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2019
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Useful Lives of 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 |  | Shorter of the useful lives or the terms of the related leases
Schedule of Recognized Rental Income | For the three and six months ended June 30, 2019 and 2018, we recognized rental income as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (in thousands)
Rental and other property income |  |  |  |  |  |  |  |
Fixed lease payments (1) |  | $ | 20,640 |  |  | $ | 34,114 |  |  | $ | 51,536 |  |  | $ | 67,315 |
Variable lease payments (2) |  | 1,779 |  |  | 3,711 |  |  | 4,464 |  |  | 5,654 |
Rental and other property income |  | $ | 22,419 |  |  | $ | 37,825 |  |  | $ | 56,000 |  |  | $ | 72,969 |
(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 our operating leases.
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 18:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (in thousands)
Hotel properties |  |  |  |  |  |  |  |
Hotel income |  | $ | 9,549 |  |  | $ | 10,160 |  |  | $ | 19,353 |  |  | $ | 19,849 |
Rental and other property income |  | 736 |  |  | 733 |  |  | 1,472 |  |  | 1,496 |
Interest and other income |  | 45 |  |  | 54 |  |  | 94 |  |  | 93 |
Hotel revenues |  | $ | 10,330 |  |  | $ | 10,947 |  |  | $ | 20,919 |  |  | $ | 21,438 |

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