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

3 Months Ended

Mar. 31, 2025

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 months ended March 31, 2025 and 2024, the Company recognized rental income as follows (in thousands):

						Three Months Ended March 31,
						2025						2024
Rental and other property income
Fixed lease payments (1)						$	14,369					$	16,348
Variable lease payments (2)						2,851						2,425
Rental and other property income						$	17,220					$	18,773

______________________

(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 March 31,
						2025						2024
Hotel properties
Hotel income						$	12,134					$	11,264
Rental and other property income						520						490
Interest and other income						27						100
Hotel revenues						$	12,681					$	11,854

Schedule of Deferred Rent Receivables and Charges, Net

As of March 31, 2025 and December 31, 2024, deferred rent receivable and charges consist of the following (in thousands):

						March 31, 2025						December 31, 2024
Deferred rent receivable						$	12,300					$	12,931
Deferred leasing costs, net of accumulated amortization of $5,164 and $11,870, respectively						6,341						6,351
Deferred financing costs, net of accumulated amortization of $2,704 and $2,654, respectively						700						614
Deferred rent receivable and charges, net						$	19,341					$	19,896

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