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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of Estimated Useful Lives of Real Estate Investment Assets | 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 Deferred Rent Receivables and Charges, Net | As of December 31, 2022 and 2021, deferred rent receivable and charges, net consist of the following:
|  | December 31, 2022 |  | December 31, 2021
|  | (in thousands)
Deferred rent receivable |  | $ | 20,949 |  |  | $ | 20,870 |
Deferred leasing costs, net of accumulated amortization of $9,637 and $8,971, respectively |  | 8,319 |  |  | 8,453 |
Deferred offering costs |  | 5,664 |  |  | 6,281 |
Deferred financing costs, net of accumulated amortization of $30 and $0 , respectively |  | 2,120 |  |  | — |
Other deferred costs |  | 491 |  |  | 491 |
Deferred rent receivable and charges, net |  | $ | 37,543 |  |  | $ | 36,095 |
Schedule of Recognized Rental Income | For the years ended December 31, 2022 and 2021, the Company recognized rental income as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  |
|  | (in thousands)
Rental and other property income |  |  |  |  |  |
Fixed lease payments (1) |  | $ | 46,373 |  |  | $ | 45,773 |  |  |
Variable lease payments (2) |  | 9,853 |  |  | 7,065 |  |  |
Rental and other property income |  | $ | 56,226 |  |  | $ | 52,838 |  |  |
(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 collections.
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 17:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  |
|  | (in thousands)
Hotel properties |  |  |  |  |  |
Hotel income |  | $ | 33,432 |  |  | $ | 16,722 |  |  |
Rental and other property income |  | 1,650 |  |  | 1,070 |  |  |
Interest and other income |  | 131 |  |  | 57 |  |  |
Hotel revenues |  | $ | 35,213 |  |  | $ | 17,849 |  |  |

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- 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
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