XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 9 Months Ended
--- | ---
Sep. 30, 2020
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2020 and 2019:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Leasing revenue—fixed payments | $ | 138,843 |  |  | $ | 159,356 |  |  | $ | 455,925 |  |  | $ | 482,194 |
Leasing revenue—variable payments | 47,220 |  |  | 57,838 |  |  | 138,304 |  |  | 160,863 |
Provision for doubtful accounts | (10,557) |  |  | (2,934) |  |  | (39,248) |  |  | (6,767) |
| $ | 175,506 |  |  | $ | 214,260 |  |  | $ | 554,981 |  |  | $ | 636,290 |
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, |  |
2021 |  | $ | 403,464 |
2022 |  | 357,085 |
2023 |  | 310,769 |
2024 |  | 257,487 |
2025 |  | 204,648 |
Thereafter |  | 556,607 |
|  | $ | 2,090,060 |
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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the three and nine months ended September 30, 2020 and 2019:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease costs | $ | 3,788 |  |  | $ | 3,466 |  |  | $ | 11,427 |  |  | $ | 12,675 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 477 |  |  | 475 |  |  | 1,428 |  |  | 1,407 |
Interest on lease liabilities | 131 |  |  | 145 |  |  | 415 |  |  | 453 |
| $ | 4,396 |  |  | $ | 4,086 |  |  | $ | 13,270 |  |  | $ | 14,535 |
The following table summarizes the future rental payments required under the leases:
|  | September 30, 2020 |  | December 31, 2019
Year ending December 31, |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2020 |  | $ | 4,682 |  |  | $ | 2,043 |  |  | $ | 17,149 |  |  | $ | 2,106 |
2021 |  | 17,004 |  |  | 10,784 |  |  | 17,004 |  |  | 10,441 |
2022 |  | 16,867 |  |  | 2,762 |  |  | 16,867 |  |  | 2,418 |
2023 |  | 11,055 |  |  | 344 |  |  | 11,055 |  |  | — |
2024 |  | 9,068 |  |  | 3,085 |  |  | 9,068 |  |  | — |
Thereafter |  | 131,347 |  |  | — |  |  | 131,347 |  |  | — |
Total undiscounted rental payments |  | 190,023 |  |  | 19,018 |  |  | 202,490 |  |  | 14,965 |
Less imputed interest |  | (99,597) |  |  | (2,641) |  |  | (102,085) |  |  | (1,169) |
Total lease liabilities |  | $ | 90,426 |  |  | $ | 16,377 |  |  | $ | 100,405 |  |  | $ | 13,796 |
Weighted average remaining term |  | 31.8 years |  | 2.1 years |  | 31.0 years |  | 1.6 years
Weighted average incremental borrowing rate |  | 7.8 | % |  | 3.7 | % |  | 7.7 | % |  | 4.2 | %
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2020 and 2019:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Leasing revenue—fixed payments | $ | 138,843 |  |  | $ | 159,356 |  |  | $ | 455,925 |  |  | $ | 482,194 |
Leasing revenue—variable payments | 47,220 |  |  | 57,838 |  |  | 138,304 |  |  | 160,863 |
Provision for doubtful accounts | (10,557) |  |  | (2,934) |  |  | (39,248) |  |  | (6,767) |
| $ | 175,506 |  |  | $ | 214,260 |  |  | $ | 554,981 |  |  | $ | 636,290 |
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, |  |
2021 |  | $ | 403,464 |
2022 |  | 357,085 |
2023 |  | 310,769 |
2024 |  | 257,487 |
2025 |  | 204,648 |
Thereafter |  | 556,607 |
|  | $ | 2,090,060 |
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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the three and nine months ended September 30, 2020 and 2019:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease costs | $ | 3,788 |  |  | $ | 3,466 |  |  | $ | 11,427 |  |  | $ | 12,675 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 477 |  |  | 475 |  |  | 1,428 |  |  | 1,407 |
Interest on lease liabilities | 131 |  |  | 145 |  |  | 415 |  |  | 453 |
| $ | 4,396 |  |  | $ | 4,086 |  |  | $ | 13,270 |  |  | $ | 14,535 |
The following table summarizes the future rental payments required under the leases:
|  | September 30, 2020 |  | December 31, 2019
Year ending December 31, |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2020 |  | $ | 4,682 |  |  | $ | 2,043 |  |  | $ | 17,149 |  |  | $ | 2,106 |
2021 |  | 17,004 |  |  | 10,784 |  |  | 17,004 |  |  | 10,441 |
2022 |  | 16,867 |  |  | 2,762 |  |  | 16,867 |  |  | 2,418 |
2023 |  | 11,055 |  |  | 344 |  |  | 11,055 |  |  | — |
2024 |  | 9,068 |  |  | 3,085 |  |  | 9,068 |  |  | — |
Thereafter |  | 131,347 |  |  | — |  |  | 131,347 |  |  | — |
Total undiscounted rental payments |  | 190,023 |  |  | 19,018 |  |  | 202,490 |  |  | 14,965 |
Less imputed interest |  | (99,597) |  |  | (2,641) |  |  | (102,085) |  |  | (1,169) |
Total lease liabilities |  | $ | 90,426 |  |  | $ | 16,377 |  |  | $ | 100,405 |  |  | $ | 13,796 |
Weighted average remaining term |  | 31.8 years |  | 2.1 years |  | 31.0 years |  | 1.6 years
Weighted average incremental borrowing rate |  | 7.8 | % |  | 3.7 | % |  | 7.7 | % |  | 4.2 | %

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=121580752&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=121580752&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