v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Investment 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 improvementsLesser of useful life or lease term
Schedule of Recognized Rental Income
For the three and six months ended June 30, 2026 and 2025, the Company recognized rental income as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental and other property income
Fixed lease payments (1)
$14,357 $13,947 $28,377 $28,316 
Variable lease payments (2)
2,334 1,832 4,612 4,683 
Rental and other property income$16,691 $15,779 $32,989 $32,999 
(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 collections.
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,
2026202520262025
Hotel properties
Hotel income$12,190 $11,173 $24,067 $23,307 
Rental and other property income576 441 1,063 961 
Interest and other income14 21 26 48 
Hotel revenues$12,780 $11,635 $25,156 $24,316 
Schedule of Deferred Rent Receivables and Charges, Net
As of June 30, 2026 and December 31, 2025, deferred rent receivable and charges, net consist of the following (in thousands):
June 30, 2026December 31, 2025
Deferred rent receivable$10,469 $10,850 
Deferred leasing costs, net of accumulated amortization of $5,448 and $5,749, respectively
6,432 7,137 
Deferred financing costs, net of accumulated amortization of $112
— 705 
Deferred rent receivable and charges, net$16,901 $18,692