BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of New Accounting Pronouncements

The following table provides a brief description of recent accounting standards updates (“ASUs”).



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief	These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13, which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326.	These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.	The new standard is not expected to have a material impact on our condensed consolidated financial statements but will require additional disclosures.
ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements	This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements.	This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.	The new standard is not expected to have a material impact on our condensed consolidated financial statements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract	This ASU reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns various requirements for capitalizing implementation costs.	This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.	The new standard is not expected to have a material impact on our condensed consolidated financial statements.
ASU 2019-01, Leases (Topic 842) - Codification Improvements	This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements.	This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with the ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019.	The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the "Leases" section below for transition disclosures.
ASU 2019-07, Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates	This ASU clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies and making the codification easier to apply.	This ASU was effective upon issuance.	The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and the related disclosures.

Schedule of Cash, Cash Equivalents, and Restricted Cash



	(in thousands)
Balance sheet description	September 30, 2019		September 30, 2018
Cash and cash equivalents	$	8,500	$	36,910
Restricted cash	3,339		4,669
Total cash, cash equivalents and restricted cash	$	11,839	$	41,579

Schedule of Cash, Cash Equivalents, and Restricted Cash



	(in thousands)
Balance sheet description	September 30, 2019		September 30, 2018
Cash and cash equivalents	$	8,500	$	36,910
Restricted cash	3,339		4,669
Total cash, cash equivalents and restricted cash	$	11,839	$	41,579

Future Scheduled Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of September 30, 2019, was as follows:



	(in thousands)
2019 (remainder)	$	862
2020	3,488
2021	3,525
2022	3,541
2023	3,378
Thereafter	8,842
Total scheduled lease income - operating leases	$	23,636

Schedule of Disaggregation of Revenue

The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2019:



		(in thousands)
		Three Months Ended September 30,				Nine Months Ended September 30,
Revenue Stream	Applicable Standard	2019		2018		2019		2018
Fixed lease income - operating leases	Leases	$	45,164	$	42,311	$	133,248	$	125,624
Variable lease income - operating leases	Leases	1,367		—		3,999		—
Non-lease components	Revenue from contracts with customers	—		1,243		—		3,790
Other property revenue	Revenue from contracts with customers	905		1,852		2,731		5,224
Total revenue		$	47,436	$	45,406	$	139,978	$	134,638