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Combined Guarantor Subsidiaries - Revenues
 6 Months Ended
Jun. 30, 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

June 30, 2020

 

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2020

 

 

Six Months Ended

June 30, 2019

 

Rental revenues (1)

 

$

120,222

 

 

$

185,393

 

 

$

281,395

 

 

$

376,373

 

Revenues from contracts with customers (ASC 606):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (2)

 

 

2,103

 

 

 

2,061

 

 

 

4,492

 

 

 

4,204

 

Management, development and leasing fees (3)

 

 

1,055

 

 

 

2,586

 

 

 

3,147

 

 

 

5,109

 

Marketing revenues (4)

 

 

351

 

 

 

1,218

 

 

 

1,094

 

 

 

2,092

 

 

 

 

3,509

 

 

 

5,865

 

 

 

8,733

 

 

 

11,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

480

 

 

 

2,119

 

 

 

1,657

 

 

 

3,629

 

Total revenues (5)

 

$

124,211

 

 

$

193,377

 

 

$

291,785

 

 

$

391,407

 

 

(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 $2,024 in the Malls segment and $79 in the All Other segment for the three months ended June 30, 2020, and includes $1,892 in the Malls segment and $169 in the All Other segment for the three months ended June 30, 2019.  Includes $4,345 in the Malls segment and $147 in the All Other segment for the six months ended June 30, 2020, and includes $4,084 in the Malls segment and $120 in the All Other segment for the six months ended June 30, 2019.

( 3 )

Included in All Other segment.

( 4 )

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

( 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 and six months ended June 30, 2020, the Company individually evaluated tenant receivables within the scope of ASC 606, of which a significant portion are short term. These receivables are assessed for collectability based on management’s best estimate of collection considering balances outstanding, historical collection levels and current economic trends. The Company recognized bad debt expense of $1,041 and $1,263 related to this class of receivables that were deemed uncollectable for the three and six months ended June 30, 2020, respectively.

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 June 30, 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

 

$

25,080

 

 

$

52,220

 

 

$

47,746

 

 

$

125,046

 

 

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

June 30,

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Rental revenues (1)

 

 

 

 

 

$

46,849

 

 

$

67,316

 

 

$

110,680

 

 

$

138,588

 

Revenues from contracts with customers (ASC 606):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (2)

 

 

 

 

 

 

882

 

 

 

693

 

 

 

1,953

 

 

 

1,844

 

Marketing revenues (3)

 

 

 

 

 

 

196

 

 

 

549

 

 

 

586

 

 

 

986

 

 

 

 

 

 

 

 

1,078

 

 

 

1,242

 

 

 

2,539

 

 

 

2,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

56

 

 

 

310

 

 

 

191

 

 

 

441

 

Total revenues (4)

 

 

 

 

 

$

47,983

 

 

$

68,868

 

 

$

113,410

 

 

$

141,859

 

 

( 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 )

Operating expense reimbursements solely relate to the Malls segment    for the three months ended June 30, 2020 and includes $688 in the Malls segment and $5 in the All Other segment for the three months ended June 30, 2019. Includes $1,928 in the Malls segment and $25 in the All Other segment for the six months ended June 30, 2020 and includes $1,839 in the Malls segment and $5 in the All Other segment for the six months ended June 30, 2019.

( 3 )

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

( 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 and six months ended June 30, 2020, the Combined Guarantor Subsidiaries individually evaluated tenant receivables within the scope of ASC 606, of which a significant portion are short term. These receivables are assessed for collectability based on management’s best estimate of collection considering balances outstanding, historical collection levels and current economic trends. The Combined Guarantor Subsidiaries wrote off $530 and $636 that was deemed uncollectable related to this class of receivables for the three and six months ended June 30, 2020, respectively.

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 June 30, 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

 

$

12,839

 

 

$

25,383

 

 

$

33,641

 

 

$

71,863

 

 

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.