XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.22.2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Accounting Policies [Abstract] |
Schedule of Estimated Useful Lives of Investments in 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 |  | Lesser of useful life or lease term
Schedule of Recognized Rental Income | For the three and six months ended June 30, 2022 and 2021, the Company recognized rental income as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Rental and other property income |  |  |  |  |  |  |  |
Fixed lease payments (1) |  | $ | 11,561 |  |  | $ | 12,066 |  |  | $ | 23,184 |  |  | $ | 24,510 |
Variable lease payments (2) |  | 2,633 |  |  | 1,243 |  |  | 5,106 |  |  | 2,148 |
Rental and other property income |  | $ | 14,194 |  |  | $ | 13,309 |  |  | $ | 28,290 |  |  | $ | 26,658 |
______________________ (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 the Company’s operating leases plus cash payments from tenants deemed not probable of collection.
Schedule of 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 16 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Hotel properties |  |  |  |  |  |  |  |
Hotel income |  | $ | 9,107 |  |  | $ | 3,130 |  |  | $ | 16,511 |  |  | $ | 4,862 |
Rental and other property income |  | 448 |  |  | 334 |  |  | 822 |  |  | 465 |
Interest and other income |  | 21 |  |  | 13 |  |  | 36 |  |  | 28 |
Hotel revenues |  | $ | 9,576 |  |  | $ | 3,477 |  |  | $ | 17,369 |  |  | $ | 5,355 |
Schedule of Deferred Rent Receivables and Charges, Net | As of June 30, 2022 and December 31, 2021, deferred rent receivable and charges consist of the following (in thousands):
|  | June 30, 2022 |  | December 31, 2021
Deferred rent receivable |  | $ | 21,260 |  |  | $ | 20,870 |
Deferred leasing costs, net of accumulated amortization of $9,558 and $8,971, respectively |  | 8,099 |  |  | 8,453 |
Deferred offering costs |  | 6,624 |  |  | 6,281 |
Other deferred costs |  | 491 |  |  | 491 |
Deferred rent receivable and charges, net |  | $ | 36,474 |  |  | $ | 36,095 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
Name: | us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL77927221-108306 + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration