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Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Leases | 11. Leases As Lessor The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through June 20, 2066, with renewal options (as discussed further below). Space in the shopping centers are leased to tenants pursuant to agreements that provide for terms ranging generally from one month to sixty years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. During the nine months ended September 30, 2022 and 2021, the Company earned $44.3 million and $42.1 million, respectively in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in rental income in the consolidated statements of operations. Reserve Analysis The activity for the reserves related to billed rents and straight-line rents (including those under specific operating leases where the collection of rents is assessed to be not probable) is as follows:
|  | Nine Months Ended September 30, 2022 |
|  | Balance at Beginning of Period |  |  | Provision (Recovery), Net |  |  | Adjustments to Valuation Accounts |  |  | Write-Offs |  |  | Balance at End of Period |
Allowance for credit loss - billed rents |  | $ | 23,586 |  |  | $ | (779 | ) |  | $ | — |  |  | $ | (4,383 | ) |  | $ | 18,424 |
Straight-line rent reserves |  |  | 14,885 |  |  |  | (79 | ) |  |  | — |  |  |  | (1,347 | ) |  |  | 13,459 |
Total - rents receivable |  | $ | 38,471 |  |  | $ | (858 | ) |  | $ | — |  |  | $ | (5,730 | ) |  | $ | 31,883 |
Tenant Settlement On September 24, 2021, the Company entered into a conditional settlement agreement with its former tenant ("Former Tenant") and lease guarantor at one of its Core properties for the payment by Former Tenant and guarantor of a minimum of $5.4 million in accordance with a payment schedule set forth and subject to the terms in the conditional settlement agreement. The payments relate to the Former Tenant’s default under the lease and its subsequent termination by the Company. Given the inherent uncertainties involving collectability, the Company has deferred any amounts not received in its consolidated financial statements and such amounts will be recognized when realized. Through September 30, 2022 the Company had received a total o f $2.4 million, of which $0 and $2.4 million was recognized as credit loss recoveries and included in Rental income on the statement of operations during the three and nine months ended September 30, 2022, respectively. As Lessee During the nine months ended September 30, 2022, there were no leasing transactions where the Company acted as lessee. During the year ended December 31, 2021, the Company: • modified its Rye, New York corporate office lease during the first quarter of 2021. As a result of the modification, the lease was remeasured, and the lease liability and right-of-use asset were each reduced by $0.4 million; and • terminated its Fund IV lease at 110 University Place in New York City during the second quarter of 2021 (which was previously impaired in 2020) for $3.6 million, and de-recognized the related right-of-use asset of $31.4 million, lease liability of $46.0 million and building improvements and other assets totaling $10.3 million, resulting in a gain on lease termination of $0.7 million, or $0.2 million at the Company's share, which is reflected within Gain on disposition of properties in the consolidated statements of operations. Additional disclosures regarding the Company’s leases as lessee are as follows:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 226 |  |  |  | 226 |  |  | $ | 677 |  |  | $ | 677 |
Interest on lease liabilities |  | 103 |  |  |  | 97 |  |  |  | 305 |  |  |  | 289 |
Subtotal |  | 329 |  |  |  | 323 |  |  |  | 982 |  |  |  | 966 |
Operating lease cost |  | 1,334 |  |  |  | 1,334 |  |  |  | 4,004 |  |  |  | 5,850 |
Variable lease cost |  | 21 |  |  |  | 23 |  |  |  | 63 |  |  |  | 57 |
Total lease cost | $ | 1,684 |  |  | $ | 1,680 |  |  | $ | 5,049 |  |  | $ | 6,873 |
Other Information |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  |  |  |  |  |  | 32.1 |  |  |  | 32.8 |
Weighted-average remaining lease term - operating leases (years) |  |  |  |  |  |  |  | 13.6 |  |  |  | 14.2 |
Weighted-average discount rate - finance leases |  |  |  |  |  |  |  | 6.3 | % |  |  | 6.3 | %
Weighted-average discount rate - operating leases |  |  |  |  |  |  |  | 5.1 | % |  |  | 5.1 | %
Right-of-use assets – finance leases are included in Operating real estate (Note 2) in the consolidated balance sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities in the consolidated balance sheets (Note 5). Operating lease cost comprises amortization of right-of-use assets for operating properties (related to ground rents) or amortization of right-of-use assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, in the consolidated statements of operations. Finance lease cost comprises amortization of right-of-use assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense in the consolidated statements of operations. Lease Obligations 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 September 30, 2022, are summarized as follows (in thousands):
|  |  |  |  | Minimum Rental Payments |
Year Ending December 31, |  | Minimum Rental Revenues (a) |  |  | Operating Leases (b) |  |  | Finance Leases (b) |
2022 (Remainder) |  | $ | 53,052 |  |  | $ | 1,343 |  |  | $ | — |
2023 |  |  | 225,554 |  |  |  | 5,389 |  |  |  | — |
2024 |  |  | 210,504 |  |  |  | 5,414 |  |  |  | — |
2025 |  |  | 179,257 |  |  |  | 5,329 |  |  |  | — |
2026 |  |  | 152,019 |  |  |  | 5,173 |  |  |  | — |
Thereafter |  |  | 638,628 |  |  |  | 24,437 |  |  |  | 12,549 |
|  |  | 1,459,014 |  |  |  | 47,085 |  |  |  | 12,549 |
Interest |  |  | — |  |  |  | (10,928 | ) |  |  | (5,632 | )
Total |  | $ | 1,459,014 |  |  | $ | 36,157 |  |  | $ | 6,917 |
a) Amount represents contractual lease maturities at September 30, 2022 including any extension options that management determined were reasonably certain of exercise. b) Minimum rental payments exclude options or renewals not reasonably certain of exercise. During the three and nine months ended September 30, 2022 and 2021, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating 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
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