RENTALS UNDER OPERATING LEASES

6 Months Ended

Jun. 30, 2020

As of June 30, 2020, the Company owned 14 properties with a total of 59 tenants comprised of four office properties (including one medical office property), four retail properties, five industrial properties and one student housing property with 316 beds. As of June 30, 2019, the Company owned 12 properties with a total of 31 tenants comprised of four office properties (including one medical office property), three retail properties and four industrial properties and one student housing property with 316 beds. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments is comprised of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Lease revenue ¹	$	7,354	$	5,178	$	15,045	$	10,566
Straight-line revenue	459		214		616		421
Above- and below-market lease amortization, net	190		195		380		390
Lease incentive amortization	(26)		(26)		(51)		(51)
Property related income	$	7,977	$	5,561	$	15,990	$	11,326
¹Lease revenue includes $1,259 and $836 of variable income from tenant reimbursements for the three months ended June 30, 2020 and 2019, respectively and $2,485 and $1,793 of variable income from tenant reimbursements for the six months ended June 30, 2020 and 2019, respectively.

The Company collected 100% of its lease revenue for the three months ended March 31, 2020 and 94% of its lease revenue for the three months ended June 30, 2020. Approximately 98% of lease revenue was collected for the month of July 2020. The Company's retail properties are necessity-based properties, as they are grocery-anchored and contain a number of tenants that are considered essential. As of the end of July 2020, the store of one of the Company's 44 retail tenants was closed, and such tenant comprises approximately 0.1% of the Company's annual base rent for its entire property portfolio.

The Company has received rent relief requests from certain tenants, most often in the form of rent deferral requests, as a result of the coronavirus pandemic. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. As of June 30, 2020, the Company had entered into one rent deferral agreement and applied the FASB's recently issued practical expedient to not treat it as a lease modification. As such, the rent deferred remains as lease revenue for the three months ended June 30, 2020 and amounts to approximately 0.6% of the Company's annualized base rent for its entire property portfolio. The rent deferred is scheduled to be fully paid within the next 12 months.

The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the in-place leases in effect as of June 30, 2020 are as follows:


Year	Amount
Remainder of 2020	$	12,627
2021	24,351
2022	21,130
2023	17,376
2024	13,734
Thereafter	59,226
	$	148,444

Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income are shown below.


	Percent of property related income
Property	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Providence Square, Marietta, GA	15.6	%	14.8	%
Seattle East Industrial, Redmond, WA	13.6		13.5
Flats at Carrs Hill, Athens, GA	10.4		10.4

Total	39.6	%	38.7	%

	Percent of property related income
Tenant	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
FedEx Ground - Seattle East Industrial	13.6	%	13.5	%


Total	13.6	%	13.5	%


	Percent of property related income
Property	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Elston Plaza, Chicago, IL	14.5	%	14.4	%
Flats at Carrs Hill, Athens, GA	14.5		14.1
Loudoun Gateway, Sterling, VA	12.8		13.5
Allied Drive, Dedham, MA	12.8		12.8
Terra Nova Plaza, Chula Vista, CA	10.0		10.0
Total	64.6	%	64.8	%

	Percent of property related income
Tenant	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Orbital ATK Inc. - Loudoun Gateway	12.8	%	13.5	%
New England Baptist Hospital-Allied Drive	11.4		11.4
Total	24.2	%	24.9	%

The Company's tenants representing more than 10% of in-place annualized base rental revenues were as follows:


	Percent of in-place annualized base rental revenues as of
Property	June 30, 2020		June 30, 2019
FedEx Ground - Seattle East Industrial	15.2	%	—	%
Orbital ATK Inc. - Loudoun Gateway	11.6		16.8
Total	26.8	%	16.8	%