BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Recent Accounting Pronouncements

The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures	This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.	This ASU is effective and was adopted during the current year ended December 31, 2024.	The ASU required additional disclosure but did not have a material impact on the Consolidated Financial Statements.
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses	This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements.	This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.	The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.

Schedule of Future Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2024, was as follows:


	(in thousands)
2025	$	2,670
2026	2,557
2027	2,308
2028	1,946
2029	1,626
Thereafter	6,045
Total scheduled lease income - operating leases	$	17,152

Schedule of Disaggregation of Revenue

The following table presents the disaggregation of revenue streams for the years ended December 31, 2024, 2023, and 2022:


		(in thousands)
		Year ended December 31,
Revenue Stream	Applicable Standard	2024		2023		2022
Fixed lease income - operating leases	Leases	$	243,008	$	243,931	$	240,031
Variable lease income - operating leases	Leases	13,419		12,433		10,754

Other property revenue	Revenue from contracts with customers	4,556		4,945		5,931
Total revenue		$	260,983	$	261,309	$	256,716

Schedule of Federal Income Tax Distributions

The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2024, 2023, and 2022:


CALENDAR YEAR	2024		2023		2022
Tax status of distributions
Capital gain	—	%	48.79	%	—	%
Ordinary income	41.71	%	28.46	%	13.42	%
Return of capital	58.29	%	22.75	%	86.58	%

Schedule of Other Assets

As of December 31, 2024 and 2023, other assets consisted of the following amounts:


	in thousands
	December 31, 2024		December 31, 2023
Receivable arising from straight line rents	$	408	$	347
Accounts receivable, net of allowance	384		267

Real estate related notes receivable	25,092		7,039

Prepaid assets	8,271		7,828
Other assets(1)	4,626		5,294
Intangible assets, net of accumulated amortization	1,977		2,723
Property and equipment, net of accumulated depreciation	2,543		2,798
Goodwill	491		491
Deferred charges and leasing costs	2,025		862
Total Other Assets	$	45,817	$	27,649

(1)See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here.