LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Future minimum rental income from real estate assets under non-cancelable operating leases

As of December 31, 2019, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, for the succeeding five fiscal years and thereafter, was as follows:



Year Ending December 31,	Future Minimum Rental Income
2020	$	3,878,462
2021	3,756,969
2022	3,829,450
2023	3,903,333
2024	3,978,647
Thereafter	14,902,467
Total	$	34,249,328

Schedule of future minimum rental payments for operating leases

As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, Topic 840, the following table summarizes the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, as of December 31, 2018:



Year Ending December 31,	Future Minimum Rental Income
2019	$	3,808,708
2020	3,878,462
2021	3,756,969
2022	3,829,450
2023	3,903,333
Thereafter	18,881,112
Total	$	38,058,034

Schedule of components of lease income

Rental and other property income during the years ended December 31, 2019, 2018 and 2017 consisted of the following:



	Year Ended December 31,
	2019		2018		2017
Fixed rental and other property income ⁽¹⁾	$	3,888,009	$	3,888,009	$	2,880,032
Variable rental and other property income ⁽²⁾	579,374		518,366		1,224,565
Total rental and other property income	$	4,467,383	$	4,406,375	$	4,104,597

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(1)	Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases.


(2)	Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses.