Leases

6 Months Ended

Jun. 30, 2022

Leases of Lessor Disclosure [Text Block]

4. Leases

The Company must make estimates as to the collectability of its accrued rent and accounts receivable balances related to lease revenue. When evaluating the collectability of clients’ accrued rent and accounts receivable balances, management considers client creditworthiness, current economic trends, including the impact of the COVID-19 pandemic on clients’ businesses, and changes in clients’ payment patterns, on a lease-by-lease basis. There were no new write-offs related to accrued rent, net balances and accounts receivable, net balances for the three and six months ended June 30, 2022. However, during the three and six months ended June 30, 2022, the Company determined it was probable of collecting substantially all of certain clients’ accrued rent and account receivable balances and, therefore, ceased recognizing revenue from such clients on a cash basis. As a result of returning these clients to accrual basis accounting, the Company reinstated approximately $0.5 million and $1.5 million of accrued rent balances during the three and six months ended June 30, 2022, respectively. During the

three and six months ended June 30, 2021, the Company wrote off approximately $0.9 million and $1.3 million, respectively, related to accrued rent, net balances and accounts receivable, net balances. The write-offs were for clients, primarily in the retail sector, that either terminated their leases or for which the Company determined their accrued rent and/or accounts receivable balances were no longer probable of collection. For information related to write-offs of accrued rent, net balances and accounts receivable, net balances and reinstatements of accrued rent balances for the Company’s unconsolidated joint ventures, see Note 5.

Lessor

The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):


	Three months ended June 30,				Six months ended June 30,
Lease Revenue	2022		2021		2022		2021
Fixed contractual payments	$	601,351	$	576,184	$	1,200,958	$	1,151,537
Variable lease payments	120,548		107,841		239,061		218,305
	$	721,899	$	684,025	$	1,440,019	$	1,369,842