OTHER ASSETS

6 Months Ended

Jun. 30, 2020

OTHER ASSETS

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following:

	As of
	June 30, 2020		December 31, 2019
Income Property Tenant Receivables	$	1,915,168	$	532,636
Income Property Straight-line Rent Adjustment		5,011,351		3,352,245
Interest Receivable from Commercial Loan Investment		6,038		96,604
Operating Leases - Right-of-Use Asset		305,196		363,631
Golf Rounds Surcharge - LPGA		498,865		549,251
Cash Flow Hedge - Interest Rate Swap		—		99,021
Infrastructure Reimbursement Receivables		1,605,980		1,591,445
Deferred Deal Costs		—		4,787
Prepaid Expenses, Deposits, and Other		2,184,141		3,113,929
Total Other Assets	$	11,526,739	$	9,703,549

Income Property Straight-Line Rent Adjustment.  As of June 30, 2020, the straight-line rent adjustment includes a balance of approximately $1.0 million of deferred rent related to the COVID-19 Pandemic. Pursuant to the April 2020 FASB guidance on lease modifications, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease concessions by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced.

Infrastructure Reimbursement Receivables. As of June 30, 2020 and December 31, 2019, the Infrastructure Reimbursement Receivables were all related to the land sales within the Tomoka Town Center. The balance as of June 30, 2020 consisted of approximately $1,100,000 due from Tanger for infrastructure reimbursement to be repaid in seven remaining annual installments of $175,000, net of a discount of approximately $124,000, and approximately $505,000 due from Sam’s Club for infrastructure reimbursement to be repaid in five remaining annual installments of $110,000, net of a discount of approximately $45,000.

Operating Leases – Right-of-Use Asset. The Company implemented FASB ASC Topic 842, Leases, effective January 1, 2019, resulting in a cumulative effect adjustment to increase right-of-use assets and related liabilities for operating leases for which the Company is the lessee.