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Revenue Recognition
 9 Months Ended
Sep. 30, 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 yearAs of September 30, 2020
2020$37,210 
2021139,034 
2022120,728 
2023106,415 
202490,402 
Thereafter314,186 
Total$807,975 
COVID-19 Election
In response to receiving numerous rent relief requests, the Company has adopted the COVID-19 election, under which lease amendments providing tenants with COVID-19 related rent relief are not treated as lease modifications unless:
•the total payments required by the amended lease are not substantially the same as or less than the total payments required by the original lease; or
•the amended lease results in an increase to the lease term.
Rent relief has most frequently been requested in the form of deferral of rental payments. A deferral affects the timing of cash receipts, but the amount of consideration is substantially the same as that required by the original lease. Under the Company's COVID-19 election, deferrals are accounted for as if no changes to the lease contract were made. Under that accounting, the Company continues to recognize rental income and increase lease receivables during the deferral period. Rent abatements or other reductions in total payments are treated as negative variable rent in the period to which the rent relates.
Credit Losses
The Company continues to evaluate the impact of the COVID-19 pandemic on the Company's ability to collect future lease payments under the terms of the respective leases. As the duration and severity of the COVID-19 pandemic are still uncertain and continue to evolve, significant uncertainty exists regarding the Company's provision for estimated credit losses.
The Company reviews the collectibility of amounts due from its tenants on a regular basis; such reviews consider the tenant's financial condition and payment history and other economic conditions impacting the tenant. Changes in collectibility occur when the Company no longer believes it is probable that substantially all the lease payments will be collected over the term of the lease. If collection is not probable, regardless of whether the Company has entered into an amendment to provide the tenant with COVID-19 related rent relief, the lease payments will be accounted for on a cash basis, and revenue will be recorded as cash is received. If reassessed, and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition is reestablished. The provision for estimated credit losses resulting from changes in the expected collectibility of lease payments, including variable payments, is recognized as a direct adjustment to lease income on the condensed consolidated statements of operations and comprehensive income (loss), and a direct write-off of the operating lease receivables, including straight-line rent receivable, on the condensed consolidated balance sheets.
The following table reflects the disaggregation of lease income, net:
Three months ended September 30,Nine months ended
September 30,
2020201920202019
Minimum lease payments$36,115 $40,713 $108,177 $119,101 
Tax and insurance recoveries8,279 8,520 22,793 25,495 
Common area maintenance and other recoveries5,420 5,627 15,222 16,752 
Amortization of above and below-market leases and lease inducements, net2,915 1,628 5,763 4,546 
Short-term, termination fee and other lease income722 505 2,306 2,654 
Uncollectible straight-line rent(929)(49)(2,979)29 
Uncollectible billed rent(1,033)(348)(7,791)(869)
Lease income, net$51,489 $56,596 $143,491 $167,708 
Other Fee Income
The following table reflects the disaggregation of other fee income:
Three months ended September 30,Nine months ended
September 30,
2020201920202019
Property management fees$536 $592 $1,549 $1,818 
Asset management fees271 278 827 795 
Leasing commissions and other fees72 198 179 220 
Other fee income$879 $1,068 $2,555 $2,833 
The Company has other fee income receivables of $271 and $460 as of September 30, 2020 and December 31, 2019, respectively.