RENTALS UNDER OPERATING LEASES

9 Months Ended

Sep. 30, 2020

RENTALS UNDER OPERATING LEASESAs of September 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 September 30, 2019, the Company owned 13 properties with a total of 59 tenants comprised of four office properties (including one medical office property), four 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Lease revenue 1	$	7,362	$	5,413	$	22,407	$	15,979
Straight-line revenue	203		207		819		628
Above- and below-market lease amortization, net	190		193		570		583
Lease incentive amortization	(26)		(26)		(77)		(77)
Property related income	$	7,729	$	5,787	$	23,719	$	17,113
1Lease revenue includes $942 and $818 of variable income from tenant reimbursements for the three months ended September 30, 2020 and 2019, respectively and $3,427 and $2,611 of variable income from tenant reimbursements for the nine months ended September 30, 2020 and 2019, respectively.

The Company collected 100% of its lease revenue for the three months ended March 31, 2020, 94% of its lease revenue for the three months ended June 30, 2020, and 99% of its lease revenue for the three months ended September 30, 2020. Approximately 99% of lease revenue was collected for the month of October 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 September 30, 2020, the stores of all of the Company's retail tenants were open.

The Company has received rent relief requests from certain tenants, most often in the form of rent deferral and abatement 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. Through September 30, 2020, the Company had entered into five agreements that included deferral of rent amounting to approximately 1.0% of the annual contractual rent for the entire property portfolio, and/or abatement of rent amounting to approximately 0.1% of the annual contractual rent for the entire property portfolio. The Company applied the FASB's recently issued practical expedient to not treat the leases that solely contained a deferral of rent as a lease modification, resulting in such deferred rent remaining as lease revenue in the period originally recognized. 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 September 30, 2020 are as follows:


Year	Amount
Remainder of 2020	$	6,571
2021	24,653
2022	21,324
2023	17,530
2024	13,892
Thereafter	59,223
	$	143,193

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 September 30, 2020		Nine Months Ended September 30, 2020
Seattle East Industrial, Redmond, WA	14.0	%	13.7	%
Providence Square, Marietta, GA	12.8		14.1
Flats at Carrs Hill, Athens, GA	11.3		10.7

Loudoun Gateway, Sterling, VA	10.3		9.8
Total	48.4	%	48.3	%

	Percent of property related income
Tenant	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
FedEx Ground - Seattle East Industrial	14.0	%	13.7	%


Orbital ATK Inc. - Loudoun Gateway	10.3		9.8
Total	24.3	%	23.5	%


	Percent of property related income
Property	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Flats at Carrs Hill, Athens, GA	14.8	%	14.4	%
Allied Drive, Dedham, MA	12.9		12.8
Loudoun Gateway, Sterling, VA	12.6		13.2
Elston Plaza, Chicago, IL	12.1		13.6
Total	52.4	%	54.0	%

	Percent of property related income
Tenant	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Orbital ATK Inc. - Loudoun Gateway	12.6	%	13.2	%
New England Baptist Hospital - Allied Drive	11.4		11.4
Total	24.0	%	24.6	%

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	September 30, 2020		September 30, 2019
FedEx Ground - Seattle East Industrial	14.8	%	—	%
Orbital ATK Inc. - Loudoun Gateway	11.4		13.6
Total	26.2	%	13.6	%