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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023, the Company recognized rental income as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Rental and other property income
Fixed lease payments (1)						$	15,397					$	14,579					$	48,083					$	42,251
Variable lease payments (2)						2,753						2,482						8,089						7,748
Rental and other property income						$	18,150					$	17,061					$	56,172					$	49,999

______________________

(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 September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Hotel properties
Hotel income						$	6,808					$	7,485					$	29,768					$	29,590
Rental and other property income						221						367						1,056						1,259
Interest and other income						113						96						327						259
Hotel revenues						$	7,142					$	7,948					$	31,151					$	31,108

Schedule of Deferred Rent Receivables and Charges, Net

As of September 30, 2024 and December 31, 2023, deferred rent receivable and charges consist of the following (in thousands):

						September 30, 2024						December 31, 2023
Deferred rent receivable						$	13,849					$	14,757
Deferred leasing costs, net of accumulated amortization of $11,413 and $10,483, respectively						6,152						6,613
Deferred offering costs						—						4,925
Deferred financing costs, net of accumulated amortization of $1,363 and $764, respectively						1,086						1,436
Other deferred costs						—						491
Deferred rent receivable and charges, net						$	21,087					$	28,222

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