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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023, the Company recognized rental income as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Rental and other property income |  |  |  |  |  |  |  |
Fixed lease payments (1) |  | $ | 16,338 |  |  | $ | 15,198 |  |  | $ | 32,686 |  |  | $ | 27,672 |
Variable lease payments (2) |  | 2,911 |  |  | 2,854 |  |  | 5,336 |  |  | 5,266 |
Rental and other property income |  | $ | 19,249 |  |  | $ | 18,052 |  |  | $ | 38,022 |  |  | $ | 32,938 |
______________________ (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 17 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Hotel properties |  |  |  |  |  |  |  |
Hotel income |  | $ | 11,696 |  |  | $ | 11,182 |  |  | $ | 22,960 |  |  | $ | 22,105 |
Rental and other property income |  | 345 |  |  | 402 |  |  | 835 |  |  | 892 |
Interest and other income |  | 114 |  |  | 84 |  |  | 214 |  |  | 163 |
Hotel revenues |  | $ | 12,155 |  |  | $ | 11,668 |  |  | $ | 24,009 |  |  | $ | 23,160 |
Schedule of Deferred Rent Receivables and Charges, Net | As of June 30, 2024 and December 31, 2023, deferred rent receivable and charges consist of the following (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Deferred rent receivable |  | $ | 14,755 |  |  | $ | 14,757 |
Deferred leasing costs, net of accumulated amortization of $11,123 and $10,483, respectively |  | 6,578 |  |  | 6,613 |
Deferred offering costs |  | 5,114 |  |  | 4,925 |
Deferred financing costs, net of accumulated amortization of $1,138 and $764, respectively |  | 1,062 |  |  | 1,436 |
Other deferred costs |  | 491 |  |  | 491 |
Deferred rent receivable and charges, net |  | $ | 28,000 |  |  | $ | 28,222 |

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