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Combined Guarantor Subsidiaries - Leases | 12 Months Ended
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Dec. 31, 2019
Guarantor Subsidiaries |
Condensed Financial Statements Captions [Line Items] |
Leases | Note 4 – Leases Adoption of ASU 2016-02, and all related subsequent amendments The Combined Guarantor Subsidiaries adopted ASC 842 (which includes ASU 2016-02 and all related subsequent amendments) on January 1, 2019 and applied the guidance to leases that commenced on or after January 1, 2019. Historical amounts for prior periods were not adjusted and will continue to be reported using the guidance in ASC 840, Leases . To determine whether a contract contained a lease, the Combined Guarantor Subsidiaries evaluated contracts and verified that there was an identified asset and that the Combined Guarantor Subsidiaries, or the tenant, have the right to obtain substantially all the economic benefits from the use of the asset throughout the contract term. If a contract was determined to contain a lease and the Combined Guarantor Subsidiaries are the lessee, the lease was evaluated to determine whether it was an operating or financing lease. If a contract was determined to contain a lease and the Combined Guarantor Subsidiaries are the lessor, the lease was evaluated to determine whether it was an operating, direct financing or sales-type lease. After determining that the contract contained a lease, the Combined Guarantor Subsidiaries identified the lease component and any nonlease components associated with that lease component, and through the Combined Guarantor Subsidiaries' election to combine lease and nonlease components for all asset classes, combined the components into a single lease component within each applicable lease. The discount rate to be used for each lease was determined by assessing the Operating Partnership’s debt information, assessing the credit rating of the Operating Partnership and the Operating Partnership’s debt, estimating a synthetic “secured” credit rating for the Operating Partnership and estimating an appropriate incremental borrowing rate. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. See Note 2 for additional information about these accounting standards. Lessor Rental Revenues The majority of the Combined Guarantor Subsidiaries' revenues are earned through the lease of space at their properties. All of the Combined Guarantor Subsidiaries' leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate our leases is specific to each underlying tenant lease agreement. Typically, the Combined Guarantor Subsidiaries' leases contain penalties for early termination. The Combined Guarantor Subsidiaries do not have any leases that convey the right for the lessee to purchase the leased asset. Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Combined Guarantor Subsidiaries receive reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years . Additionally, ASU 2018-19 clarifies that operating lease receivables are within the scope of ASC 842. Therefore, in conjunction with the Combined Guarantor Subsidiaries adoption of ASC 842 on January 1, 2019, the Combined Guarantor Subsidiaries began recognizing changes in the collectability assessment of their operating lease receivables as a reduction of rental revenues, rather than as a property operating expense. See Note 2 . The components of rental revenues are as follows:
|  |  |  |  |  | Year Ended December 31, |
|  |  |  |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Fixed lease payments |  |  |  |  |  | $ | 229,507 |  |  | $ | 261,090 |  |  | $ | 291,144 |
Variable lease payments |  |  |  |  |  |  | 47,945 |  |  |  | 50,714 |  |  |  | 52,383 |
Total rental revenues |  |  |  |  |  | $ | 277,452 |  |  | $ | 311,804 |  |  | $ | 343,527 |
The undiscounted future fixed lease payments to be received under the Combined Guarantor Subsidiaries' operating leases as of December 31, 2019, are as follows:
Year Ending December 31, |  | Operating Leases |
2020 |  | $ | 194,258 |
2021 |  |  | 174,409 |
2022 |  |  | 144,230 |
2023 |  |  | 121,773 |
2024 |  |  | 95,661 |
Thereafter |  |  | 234,711 |
Total undiscounted lease payments |  | $ | 965,042 |
As required by the Comparatives Under ASC 840 Option, which is a transitional amendment that allows for the presentation of comparative periods in the year of adoption under ASC 840 (the former leasing guidance), the Combined Guarantor Subsidiaries' future minimum rental income from lessees under non-cancellable operating leases where the Combined Guarantor Subsidiaries are the lessor as of December 31, 2018 is also presented below:
Years Ending December 31, |  | Operating Leases |
2019 |  | $ | 184,923 |
2020 |  |  | 154,944 |
2021 |  |  | 133,093 |
2022 |  |  | 107,092 |
2023 |  |  | 86,957 |
Thereafter |  |  | 193,324 |
Total |  | $ | 860,333 |
Lessee The Combined Guarantor Subsidiaries have one ground lease where they own the buildings and improvements, but lease the underlying land. The maturity of the lease is January 1, 2073 and provides for five year renewal options. The Combined Guarantor Subsidiaries included the renewal options in the lease term for purposes of calculating the lease liability and ROU asset because they have no plans to cease operating the asset associated with this ground lease. The lease payments on the ground lease are fixed. The Combined Guarantor Subsidiaries' ROU asset and lease liability are presented in the combined balance sheets within intangible lease assets and other assets and accounts payable and accrued liabilities, respectively. A summary of the Combined Guarantor Subsidiaries' ROU asset and lease liability activity during 2019 is presented below:
|  | ROU Asset |  |  | Lease Liability |
Balance as of January 1, 2019 |  | $ | 493 |  |  | $ | 490 |
Cash reduction |  |  | ( 10 | ) |  |  | ( 10 | )
Noncash increase |  |  | 6 |  |  |  | 9 |
Balance as of December 31, 2019 |  | $ | 489 |  |  | $ | 489 |
The Combined Guarantor Subsidiaries incurred $ 41 of operating lease expense in 2019. The undiscounted future lease payments to be paid under the Combined Guarantor Subsidiaries' operating lease as of December 31, 2019, are as follows:
Year Ending December 31, |  | Operating Lease |
2020 |  | $ | 41 |
2021 |  |  | 41 |
2022 |  |  | 41 |
2023 |  |  | 41 |
2024 |  |  | 41 |
Thereafter |  |  | 1,951 |
Total undiscounted lease payments |  |  | 2,156 |
Less imputed interest |  |  | ( 1,667 | )
Lease Liability |  | $ | 489 |
As required by the Comparatives Under ASC 840 Option, which is a transitional amendment that allows for the presentation of comparative periods in the year of adoption under ASC 840 (the former leasing guidance), the Combined Guarantor Subsidiaries' future obligations to be paid under the Combined Guarantor Subsidiaries' operating leases where the Combined Guarantor Subsidiaries are the lessee as of December 31, 2018 are also presented below:
2019 |  | $ | 41 |
2020 |  |  | 41 |
2021 |  |  | 41 |
2022 |  |  | 41 |
2023 |  |  | 41 |
Thereafter |  |  | 1,990 |
Total |  | $ | 2,195 |
Practical Expedients In regard to leases that commenced before January 1, 2019, the Combined Guarantor Subsidiaries elected to use a package of practical expedients to not reassess whether any expired or existing contracts are or contain a lease, to not reassess lease classification for any expired or existing leases, and to not reassess initial direct costs for any existing leases. The Combined Guarantor Subsidiaries also elected a practical expedient to not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under ASC 842. Additionally, the Combined Guarantor Subsidiaries elected a practical expedient by class of underlying asset applied to all leases to elect not to separate lease and nonlease components as long as the lease and at least one nonlease component have the same timing and pattern of transfer and the lease is classified as an operating lease. The combined component is being accounted for under ASC 842. The Combined Guarantor Subsidiaries made an accounting policy election to exclude sales and other similar taxes from revenues, and instead account for them as costs of the lessee. Lastly, the Combined Guarantor Subsidiaries have elected not to apply the recognition requirements of ASC 842 to short-term leases. See Note 2 for additional information about these accounting standards.

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