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Revenue Recognition | 6 Months Ended
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Jun. 30, 2019
Revenue Recognition [Abstract] |
Revenue Recognition | Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g. Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing extension options. These extension options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. As of June 30, 2019, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments which may be received under certain leases for percentage rents or the reimbursement of property operating expenses, including common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or, in the case of percentage rents, when the sales data is made available.
Year ending December 31, |  | Operating Leases
2019 (remaining six months) |  | $ | 425,074 |
2020 |  | 788,053 |
2021 |  | 679,989 |
2022 |  | 567,552 |
2023 |  | 468,037 |
Thereafter |  | 1,639,648 |
Minimum Annual Base Rents As Presented Under ASC 840 Future minimum annual base rents as of and in-place at December 31, 2018 to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. Future minimum annual base rents also do not include payments which may be received under certain leases for percentage rent or the reimbursement of property operating expenses, including common area expenses, utilities, insurance and real estate taxes.
Year ending December 31, |  | Operating Leases
2019 |  | $ | 811,381 |
2020 |  | 709,230 |
2021 |  | 599,367 |
2022 |  | 490,087 |
2023 |  | 392,892 |
Thereafter |  | 1,368,278 |

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