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Related Party Transactions

12 Months Ended

Dec. 31, 2019

Note 10. Related Party Transactions

Management Fee Income

The Predecessor recognized management fee income of $0.4 million for the period of January 1, 2019 through May 16, 2019 and PRM recognized management fee income of $0.6 million for the period of May 17, 2019 through December 31, 2019, following the IPO, from various properties which were affiliated with the Company's CEO. For the year ended December 31, 2018, the Predecessor recognized $1.0 million from various properties which were affiliated with the Company's CEO. These amounts are included in "Fee and other income" on the Company's Consolidated and Combined Consolidated Statements of Operations. These amounts include accrued management fees receivable of $0.08 million and $140 as of December 31, 2019 and 2018, respectively, which is included in "Rents and other receivables" on the Company's Consolidated Balance Sheets.

Related Party Lease

On October 1, 2018, the Predecessor entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Predecessor (the "Office Lease"). Pursuant to the Office Lease, the monthly rent was $15,000 subject to escalations. The term of the Office Lease was five years commencing on October 1, 2018 (with rent commencing on January 1, 2019) and was set to expire on September 30, 2023. In connection with the IPO, the Office Lease was terminated. On May 17, 2019, the Company entered into a new lease for office space in Cedarhurst, New York with an entity affiliated with the Company's CEO (the "New Lease"). Pursuant to the New Lease, the monthly rent is $15,000 subject to escalations. The term of the New Lease is five years commencing on May 17, 2019 and will expire on May 16, 2024. Rental expenses associated with the office lease for the year ended December 31, 2019 was $0.1 million and was recorded in "General and administrative expenses" on the Company's Consolidated and Combined Consolidated Statements of Operations. As of December 31, 2019, $3,096 was outstanding and payable and is included in "Accounts payable, accrued expenses and other."

The following table represents the Company's future rental payments related to the New Lease:

Year Ending December 31,	Amount
2020	$	183,368
2021		188,869
2022		194,535
2023		200,371
2024		76,244
Total	$	843,387