XML 51 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Summary of Operating Leases Lease income related to our operating leases was as follows for the years ended December 31, 2021, 2020, and 2019 (in thousands):
202120202019
Rental income related to fixed lease payments(1)
$382,667 $380,439 $385,948 
Rental income related to variable lease payments(1)(2)
119,077 125,256 127,790 
Straight-line rent amortization(3)
9,005 3,258 9,003 
Amortization of lease assets3,539 3,138 4,138 
Lease buyout income3,485 1,237 1,166 
Adjustments for collectibility(4)
1,722 (27,845)(5,775)
Total rental income$519,495 $485,483 $522,270 
(1)Includes rental income related to lease payments before assessing for collectibility.
(2)Variable payments are primarily related to tenant recovery income.
(3)For the years ended December 31, 2021, 2020, and 2019, includes unfavorable revenue adjustments to straight-line rent for tenants considered non-creditworthy of $0.5 million, $3.7 million, and $0.6 million, respectively.
(4)Includes general reserves as well as adjustments for tenants not considered creditworthy for which we are recording revenue on a cash basis, per ASC 842.
Schedule of Operating Lease Maturity, Lessor
Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands):
YearAmount
2022$393,971 
2023356,827 
2024303,809 
2025248,058 
2026183,695 
Thereafter456,161 
Total$1,942,521 
Schedule of Lessee Leases
Lessee—Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2021 and 2020 (in thousands):
Balance Sheet InformationBalance Sheet Location 20212020
ROU assets, net - operating leasesInvestment in Real Estate$3,946 $3,867 
ROU assets, net - operating and finance leasesOther Assets, Net1,615 1,438 
Operating lease liabilityAccounts Payable and Other
   Liabilities 		5,311 5,731 
Finance lease liabilityDebt Obligations, Net766 164 
Schedule of Finance Lease Maturity
Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2021 (in thousands):
Undiscounted
YearOperatingFinance
2022$823 $237 
2023672 295 
2024546 279 
2025317 — 
2026254 — 
Thereafter5,678 — 
Total undiscounted cash flows from leases8,290 811 
Total lease liabilities recorded at present value5,311 766 
Difference between undiscounted cash flows and present value of lease liabilities $2,979 $45 
Schedule of Operating Lease Maturity, Lessee
Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2021 (in thousands):
Undiscounted
YearOperatingFinance
2022$823 $237 
2023672 295 
2024546 279 
2025317 — 
2026254 — 
Thereafter5,678 — 
Total undiscounted cash flows from leases8,290 811 
Total lease liabilities recorded at present value5,311 766 
Difference between undiscounted cash flows and present value of lease liabilities $2,979 $45