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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Activity for Reserves Related to Billed Rents and Straight-line Rents | The activity for the reserves related to billed rents and straight-line rents is as follows:
|  | Three Months Ended March 31, 2021 |
|  | Balance at Beginning of Period |  |  | Charged to Expenses |  |  | Adjustments to Valuation Accounts |  |  | Deductions |  |  | Balance at End of Period |
Allowance for credit loss - billed rents |  | $ | 30,366 |  |  | $ | 3,065 |  |  | $ | — |  |  | $ | (1,162 | ) |  | $ | 32,269 |
Straight-line rent reserves |  |  | 15,042 |  |  |  | 817 |  |  |  | — |  |  |  | (175 | ) |  |  | 15,684 |
Total - rents receivable |  | $ | 45,408 |  |  | $ | 3,882 |  |  | $ | — |  |  | $ | (1,337 | ) |  | $ | 47,953 |
Schedule of Lease Cost |
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Lease Cost |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 226 |  |  | $ | 657 |
Interest on lease liabilities |  |  | 95 |  |  |  | 850 |
Subtotal |  |  | 321 |  |  |  | 1,507 |
Operating lease cost |  |  | 2,286 |  |  |  | 1,394 |
Variable lease cost |  |  | 101 |  |  |  | 16 |
Total lease cost |  | $ | 2,708 |  |  | $ | 2,917 |
Other Information |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  | 33.2 |  |  |  | 42.3 |
Weighted-average remaining lease term - operating leases (years) |  |  | 24.5 |  |  |  | 34.1 |
Weighted-average discount rate - finance leases |  |  | 6.3 | % |  |  | 4.4 | %
Weighted-average discount rate - operating leases |  |  | 5.6 | % |  |  | 5.8 | %
Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases | The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of March 31, 2021, are summarized as follows (in thousands):
|  |  |  |  |  | Minimum Rental Payments |
Year Ending December 31, |  | Minimum Rental Revenues (a) |  |  | Operating Leases (b) |  |  | Finance Leases (b) |
2021 (Remainder) |  | $ | 149,226 |  |  | $ | 6,465 |  |  | $ | 69 |
2022 |  |  | 198,269 |  |  |  | 7,768 |  |  |  | 28 |
2023 |  |  | 177,885 |  |  |  | 7,789 |  |  |  | — |
2024 |  |  | 152,363 |  |  |  | 7,974 |  |  |  | — |
2025 |  |  | 122,715 |  |  |  | 7,969 |  |  |  | — |
Thereafter |  |  | 503,880 |  |  |  | 150,446 |  |  |  | 12,289 |
|  |  | 1,304,338 |  |  |  | 188,411 |  |  |  | 12,386 |
Interest |  |  | — |  |  |  | (100,587 | ) |  |  | (6,230 | )
Total |  | $ | 1,304,338 |  |  | $ | 87,824 |  |  | $ | 6,156 |
(a) | Amount represents contractual lease maturities at March 31, 2021 including any extension options that management determined were reasonably certain of exercise. During 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further below.
(b) | Minimum rental payments exclude options or renewals not reasonably certain of exercise.
Schedule of Earnings Impact | The Company was impacted as follows by the COVID-19 Pandemic during the periods presented:
|  | Three Months Ended March 31, 2021 |  |  | Three Months Ended March 31, 2020 |
|  | Consolidated |  |  | Non-Controlling Interests |  |  | Unconsolidated |  |  | Attributable to Acadia |  |  | Consolidated |  |  | Non-Controlling Interests |  |  | Unconsolidated |  |  | Attributable to Acadia |
Credit Loss - Billed Rents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  | $ | 1,883 |  |  | $ | 17 |  |  | $ | 386 |  |  | $ | 2,286 |  |  | $ | 832 |  |  | $ | — |  |  | $ | 268 |  |  | $ | 1,100 |
Funds |  |  | 1,182 |  |  |  | (979 | ) |  |  | 37 |  |  |  | 240 |  |  |  | 526 |  |  |  | (498 | ) |  |  | 110 |  |  |  | 138 |
Total |  |  | 3,065 |  |  |  | (962 | ) |  |  | 423 |  |  |  | 2,526 |  |  |  | 1,358 |  |  |  | (498 | ) |  |  | 378 |  |  |  | 1,238 |
Straight - Line Rent Reserves |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | (8 | ) |  |  | (1 | ) |  |  | (29 | ) |  |  | (38 | ) |  |  | 2,744 |  |  |  | — |  |  |  | 220 |  |  |  | 2,964 |
Funds |  |  | 825 |  |  |  | (645 | ) |  |  | 10 |  |  |  | 190 |  |  |  | 223 |  |  |  | (220 | ) |  |  | 62 |  |  |  | 65 |
Total |  |  | 817 |  |  |  | (646 | ) |  |  | (19 | ) |  |  | 152 |  |  |  | 2,967 |  |  |  | (220 | ) |  |  | 282 |  |  |  | 3,029 |
Rent Abatements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | 756 |  |  |  | — |  |  |  | 87 |  |  |  | 843 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Funds |  |  | 783 |  |  |  | (611 | ) |  |  | 7 |  |  |  | 179 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 1,539 |  |  |  | (611 | ) |  |  | 94 |  |  |  | 1,022 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,549 |  |  |  | (39,149 | ) |  |  | — |  |  |  | 12,400 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,549 |  |  |  | (39,149 | ) |  |  | — |  |  |  | 12,400 |
COVID Earnings Impact |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | 2,631 |  |  |  | 16 |  |  |  | 444 |  |  |  | 3,091 |  |  |  | 3,576 |  |  |  | — |  |  |  | 488 |  |  |  | 4,064 |
Funds |  |  | 2,790 |  |  |  | (2,235 | ) |  |  | 54 |  |  |  | 609 |  |  |  | 52,298 |  |  |  | (39,867 | ) |  |  | 172 |  |  |  | 12,603 |
Total |  | $ | 5,421 |  |  | $ | (2,219 | ) |  | $ | 498 |  |  | $ | 3,700 |  |  | $ | 55,874 |  |  | $ | (39,867 | ) |  | $ | 660 |  |  | $ | 16,667 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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