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Revenue Recognition | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company. Remaining lease terms range from less than one year to forty years. Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
Minimum lease payments, by year | As of March 31, 2020
2020 | $ | 110,759 |
2021 | 137,676 |
2022 | 117,445 |
2023 | 102,738 |
2024 | 86,443 |
Thereafter | 311,119 |
Total | $ | 866,180 |
The following table reflects the disaggregation of lease income, net:
| Three months ended March 31
| 2020 |  | 2019
Minimum lease payments | $ | 36,177 |  |  | $ | 39,407 |
Tax and insurance recoveries | 8,130 |  |  | 8,258 |
Common area maintenance and other recoveries | 5,150 |  |  | 5,777 |
Amortization of above and below-market leases and lease inducements, net | 1,542 |  |  | 1,591 |
Short-term, termination fee and other lease income | 1,048 |  |  | 671 |
Estimated credit losses | (763 | ) |  | (205 | )
Lease income, net | $ | 51,284 |  |  | $ | 55,499 |
Other Fee Income The following table reflects the disaggregation of other fee income:
| Three months ended March 31
| 2020 |  | 2019
Property management fees | $ | 577 |  |  | $ | 638 |
Asset management fees | 285 |  |  | 245 |
Leasing commissions and other fees | 101 |  |  | 22 |
Other fee income | $ | 963 |  |  | $ | 905 |
The Company has other fee income receivable of $278 and $460 as of March 31, 2020 and December 31, 2019, respectively. The Company is closely monitoring the impact of the COVID-19 pandemic regarding the Company's ability to collect future lease payments under the terms of the respective leases. While the Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, the Company will likely have increased exposure to higher levels of estimated credit losses going forward, the impact of which could be material.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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