LEASES (Tables)

9 Months Ended

Sep. 30, 2020

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

As of September 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	$	925,809
2021	3,756,969
2022	3,829,450
2023	3,903,333
2024	3,978,647
Thereafter	14,902,466
Total	$	31,296,674

Schedule of components of lease income

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed rental and other property income ⁽¹⁾	$	972,002	$	972,002	$	2,916,007	$	2,916,007
Variable rental and other property income ⁽²⁾	137,706		141,309		406,584		437,374
Total rental and other property income	$	1,109,708	$	1,113,311	$	3,322,591	$	3,353,381

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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.