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Note 7 - Accounts and Notes Receivable
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Financing Receivables [Text Block]

7. Accounts and Notes Receivable

 

The components of accounts and notes receivable, net of potentially uncollectible amounts as of June 30, 2023 and December 31, 2022, are as follows (in thousands):

 

   

As of June 30, 2023

    

As of December 31, 2022

  

Billed tenant receivables

   $ 26,480     $ 33,801  

Unbilled common area maintenance, insurance and tax reimbursements

     39,636       56,001  

Deferred rent receivables

     943       1,905  

Defined benefit plan receivable (1)

     14,684       14,421  

Other receivables

     11,488       8,361  

Straight-line rent receivables

     201,377       189,737  

Total accounts and notes receivable, net

   $ 294,608     $ 304,226  

 

 

(1)

 In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (the “Benefit Plan”) in connection with the merger with Weingarten Realty Investors (“Weingarten”). The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. As of June 30, 2023, the Benefit Plan has excess assets of $14.7 million.  Additionally, as of June 30, 2023, the Company has unrealized gains related to the Benefit Plan of $10.6 million, which is included in Accumulated other comprehensive income on the Company’s Condensed Consolidated Balance Sheet (see Footnote 18 of the Notes to Condensed Consolidated Financial Statements).  The Company expects to settle all the Benefit Plan’s obligations during the remainder of 2023.