LEASES (Tables)

6 Months Ended

Jun. 30, 2020

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

As of June 30, 2020, 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:



	Future Minimum Rental Income
Remainder of 2020	$	1,851,619
2021	3,756,969
2022	3,829,450
2023	3,903,333
2024	3,978,647
Thereafter	14,902,467
Total	$	32,222,485

Schedule of components of lease income

Rental and other property income during the three and six months ended June 30, 2020 and 2019 consisted of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fixed rental and other property income ⁽¹⁾	$	972,003	$	972,003	$	1,944,005	$	1,944,005
Variable rental and other property income ⁽²⁾	137,762		132,192		268,878		296,065
Total rental and other property income	$	1,109,765	$	1,104,195	$	2,212,883	$	2,240,070

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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.