BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investment in Real Estate

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

Buildings and improvements	15 - 40 years
Furniture, fixtures, and equipment	3 - 5 years
Tenant improvements	Lesser of useful life or lease term

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2024 and 2023, deferred rent receivable and charges, net consist of the following:

	December 31, 2024		December 31, 2023
	(in thousands)
Deferred rent receivable	$	12,931	$	14,757
Deferred leasing costs, net of accumulated amortization of $11,870 and $10,483, respectively	6,351		6,613
Deferred offering costs	—		4,925
Deferred financing costs, net of accumulated amortization of $2,654 and $764, respectively	614		1,436
Other deferred costs	—		491
Deferred rent receivable and charges, net	$	19,896	$	28,222

Schedule of Recognized Rental Income

For the years ended December 31, 2024 and 2023, the Company recognized rental income as follows:

	Year Ended December 31,
	2024		2023
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	62,322	$	55,520
Variable lease payments (2)	9,944		10,482
Rental and other property income	$	72,266	$	66,002

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collections.

Schedule of Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18:

	Year Ended December 31,
	2024		2023
	(in thousands)
Hotel properties
Hotel income	$	37,679	$	39,063
Rental and other property income	1,344		1,676
Interest and other income	384		357
Hotel revenues	$	39,407	$	41,096