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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2020
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 months ended March 31, 2020 and 2019, we recognized rental income as follows:
|  | Three Months Ended March 31,
|  | 2020 |  | 2019
|  | (in thousands)
Rental and other property income |  |  |  |
Fixed lease payments (1) |  | $ | 13,345 |  |  | $ | 30,896 |
Variable lease payments (2) |  | 1,474 |  |  | 2,685 |
Rental and other property income |  | $ | 14,819 |  |  | $ | 33,581 |
(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 March 31,
|  | 2020 |  | 2019
|  | (in thousands)
Hotel properties |  |  |  |
Hotel income |  | $ | 7,759 |  |  | $ | 9,804 |
Rental and other property income |  | 462 |  |  | 736 |
Interest and other income |  | 32 |  |  | 49 |
Hotel revenues |  | $ | 8,253 |  |  | $ | 10,589 |

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