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Combined Guarantor Subsidiaries - Revenues
 3 Months Ended
Mar. 31, 2020
Condensed Financial Statements Captions [Line Items]  
Revenues

Note 3 – Revenues

Revenues

The following table presents the Company's revenues disaggregated by revenue source:

 

 

 

Three Months Ended

March 31, 2020

 

 

Three Months Ended

March 31, 2019

 

Rental revenues (1)

 

$

161,173

 

 

$

190,980

 

Revenues from contracts with customers (ASC 606):

 

 

 

 

 

 

 

 

Operating expense reimbursements (2)

 

 

2,389

 

 

 

2,143

 

Management, development and leasing fees (3)

 

 

2,092

 

 

 

2,523

 

Marketing revenues (4)

 

 

743

 

 

 

874

 

 

 

 

5,224

 

 

 

5,540

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

1,177

 

 

 

1,510

 

Total revenues (5)

 

$

167,574

 

 

$

198,030

 

 

(1)

Revenues from leases that commenced subsequent to December 31, 2018 are accounted for in accordance with ASC 842, Leases , whereas all leases existing prior to that date are accounted for in accordance with ASC 840.

 

( 2 )

Includes $2,321 in the Malls segment and $68 in the All Other segment for the three months ended March 31, 2020, and includes $2,192 in the Malls segment and $( 49) in the All Other segment for the three months ended March 31, 2019.

( 3 )

Included in All Other segment.

( 4 )

Marketing revenues solely relate to the Malls segment for all periods presented. See description below.

( 5 )

Sales taxes are excluded from revenues.

See Note 10 for information on the Company's segments.

Revenue from Contracts with Customers

Expected credit losses

During the three months ended March 31, 2020, the Company individually evaluated tenant receivables within the scope of ASC 606, of which a significant portion are short term. Based on this information and the quarterly analysis of the tenant receivables, the Company wrote off $220 that was deemed uncollectable related to this class of receivables for the three months ended March 31, 2020.

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of March 31, 2020, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation

 

Less than 5

years

 

 

5-20 years

 

 

Over 20

years

 

 

Total

 

Fixed operating expense reimbursements

 

$

23,908

 

 

$

48,366

 

 

$

45,869

 

 

$

118,143

 

 

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.
Guarantor Subsidiaries  
Condensed Financial Statements Captions [Line Items]  
Revenues

Note 3 – Revenues

Revenues

The following table presents the Combined Guarantor Subsidiaries' revenues disaggregated by revenue source:

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

2020

 

 

2019

 

Rental revenues (1)

 

 

 

 

 

$

63,831

 

 

$

71,272

 

Revenues from contracts with customers (ASC 606):

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (2)

 

 

 

 

 

 

1,071

 

 

 

1,151

 

Marketing revenues (3)

 

 

 

 

 

 

390

 

 

 

437

 

 

 

 

 

 

 

 

1,461

 

 

 

1,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

135

 

 

 

132

 

Total revenues (4)

 

 

 

 

 

$

65,427

 

 

$

72,992

 

 

( 1 )

Revenues from leases that commenced subsequent to December 31, 2018 are accounted for in accordance with ASC 842, Leases , whereas all leases existing prior to that date are accounted for in accordance with ASC 840.

( 2 )

Includes $1,046 in the Malls segment and $25 in the All Other segment for the three months ended March 31, 2020. Operating expense reimbursements solely relate to the Malls segment for the three months ended March 31, 2019.

( 3 )

Marketing revenues solely relate to the Malls segment for all periods presented. See description below.

( 4 )

Sales taxes are excluded from revenues.

See Note 9 for information on the Combined Guarantor Subsidiaries' segments.

Revenue from Contracts with Customers

Expected credit losses

During the three months ended March 31, 2020, the Combined Guarantor Subsidiaries individually evaluated tenant receivables within the scope of ASC 606, of which a significant portion are short term. Based on this information and the quarterly analysis of the tenant receivables, the Combined Guarantor Subsidiaries wrote off $107 that was deemed uncollectable related to this class of receivables for the three months ended March 31, 2020.

Outstanding Performance Obligations

The Combined Guarantor Subsidiaries have outstanding performance obligations related to certain noncancellable contracts with customers for which they will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of March 31, 2020, the Combined Guarantor Subsidiaries expect to recognize these amounts as revenue over the following periods:

 

Performance obligation

 

Less than

5 years

 

 

5-20 years

 

 

Over 20

years

 

 

Total

 

Fixed operating expense reimbursements

 

$

12,297

 

 

$

24,340

 

 

$

33,576

 

 

$

70,213

 

 

The Combined Guarantor Subsidiaries evaluate performance obligations each period and make adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.