XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2022
Leases [Abstract] |
Leases |
7. | Leases
All of the Company’s leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance (“CAM”), real estate taxes, and insurance (“Recoverable Costs”). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents the tenants’ contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally the Company’s leases provide for the tenants to reimburse the Company based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property. (ii) Percentage rent represents amounts billable to tenants based on the tenants’ actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:
(in thousands) |  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Operating lease income |  |  |  |  |  |
Fixed and in-substance fixed lease income |  | $ | 207,502 |  |  |  | 196,054 |
Variable lease income |  |  | 72,026 |  |  |  | 64,067 |
Other lease related income, net: |  |  |  |  |  |
Above/below market rent and tenant rent inducement amortization, net |  |  | 5,689 |  |  |  | 5,996 |
Uncollectible straight-line rent |  |  | 2,282 |  |  |  | (2,035 | )
Uncollectible amounts billable in lease income |  |  | 6,146 |  |  |  | 2,275 |
Total lease income |  | $ | 293,645 |  |  |  | 266,357 |
Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases in which collectibility is considered probable. At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company’s credit checks on tenants and other credit analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined no longer to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience. The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets:
(in thousands) |  | March 31, 2022 |  |  | December 31, 2021 |
Tenant receivables |  | $ | 17,756 |  |  | $ | 27,354 |
Straight-line rent receivables |  |  | 109,953 |  |  |  | 103,942 |
Other receivables (1) |  |  | 24,143 |  |  |  | 21,795 |
Total tenant and other receivables |  | $ | 151,852 |  |  | $ | 153,091 |
(1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration