XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.19.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2019
Leases [Abstract] |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three months ended March 31, 2019:
Leasing revenue - fixed payments | $ | 164,061 |
Leasing revenue - variable payments | 46,947 |
Leasing revenue | $ | 211,008 |
The following table summarizes the minimum rental payments to the Company:
Year ending March 31, |  |
2020 |  | $ | 502,144 |
2021 |  | 427,470 |
2022 |  | 369,955 |
2023 |  | 319,094 |
2024 |  | 273,412 |
Thereafter |  | 769,564 |
|  | $ | 2,661,639 |
Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has three finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three months ended March 31, 2019:
Operating lease costs |  | $ | 4,347 |
Finance lease costs: |  |
Amortization of ROU assets |  | 919 |
Interest on lease liabilities |  | 154 |
Total lease costs |  | $ | 5,420 |
Future minimum rental payments required under the leases are as follows:
|  | March 31, 2019 |  | December 31, 2018
Year ending |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2019 |  | $ | 12,635 |  |  | $ | 1,699 |  |  | $ | 16,627 |  |  | $ | 2,106 |
2020 |  | 17,144 |  |  | 2,106 |  |  | 17,183 |  |  | 2,106 |
2021 |  | 16,992 |  |  | 10,440 |  |  | 17,124 |  |  | 10,440 |
2022 |  | 16,855 |  |  | 2,418 |  |  | 17,450 |  |  | 2,418 |
2023 |  | 11,043 |  |  | — |  |  | 11,390 |  |  | — |
Thereafter |  | 140,403 |  |  | — |  |  | 140,562 |  |  | — |
Total undiscounted rental payments |  | 215,072 |  |  | 16,663 |  |  | $ | 220,336 |  |  | $ | 17,070 |
Less imputed interest |  | (107,957 | ) |  | (1,673 | ) |  |  |  |
Total lease liabilities |  | $ | 107,115 |  |  | $ | 14,990 |  |  |  |  |  |  |
The Company's weighted average remaining lease term for its operating and finance leases at March 31, 2019 was 30.8 years and 2.4 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at March 31, 2019 was 7.7% and 4.2%, respectively.
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three months ended March 31, 2019:
Leasing revenue - fixed payments | $ | 164,061 |
Leasing revenue - variable payments | 46,947 |
Leasing revenue | $ | 211,008 |
The following table summarizes the minimum rental payments to the Company:
Year ending March 31, |  |
2020 |  | $ | 502,144 |
2021 |  | 427,470 |
2022 |  | 369,955 |
2023 |  | 319,094 |
2024 |  | 273,412 |
Thereafter |  | 769,564 |
|  | $ | 2,661,639 |
Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has three finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three months ended March 31, 2019:
Operating lease costs |  | $ | 4,347 |
Finance lease costs: |  |
Amortization of ROU assets |  | 919 |
Interest on lease liabilities |  | 154 |
Total lease costs |  | $ | 5,420 |
Future minimum rental payments required under the leases are as follows:
|  | March 31, 2019 |  | December 31, 2018
Year ending |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2019 |  | $ | 12,635 |  |  | $ | 1,699 |  |  | $ | 16,627 |  |  | $ | 2,106 |
2020 |  | 17,144 |  |  | 2,106 |  |  | 17,183 |  |  | 2,106 |
2021 |  | 16,992 |  |  | 10,440 |  |  | 17,124 |  |  | 10,440 |
2022 |  | 16,855 |  |  | 2,418 |  |  | 17,450 |  |  | 2,418 |
2023 |  | 11,043 |  |  | — |  |  | 11,390 |  |  | — |
Thereafter |  | 140,403 |  |  | — |  |  | 140,562 |  |  | — |
Total undiscounted rental payments |  | 215,072 |  |  | 16,663 |  |  | $ | 220,336 |  |  | $ | 17,070 |
Less imputed interest |  | (107,957 | ) |  | (1,673 | ) |  |  |  |
Total lease liabilities |  | $ | 107,115 |  |  | $ | 14,990 |  |  |  |  |  |  |
The Company's weighted average remaining lease term for its operating and finance leases at March 31, 2019 was 30.8 years and 2.4 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at March 31, 2019 was 7.7% and 4.2%, respectively

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 finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 3: 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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration