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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | NOTE 6. LEASES Lessor Rental Revenues The majority of the Company’s revenues are earned through the lease of space at its properties. All the Company's 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 the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company doesn't 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 Company receives 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. The components of rental revenues are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from November 1, through December 31, |  |  |  | Period from January 1, through October 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Fixed lease payments |  | $ | 75,740 |  |  |  | $ | 271,221 |  |  | $ | 459,958 |  |  | $ | 607,259 |
Variable lease payments |  |  | 27,512 |  |  |  |  | 179,701 |  |  |  | 94,106 |  |  |  | 129,619 |
Total rental revenues |  | $ | 103,252 |  |  |  | $ | 450,922 |  |  | $ | 554,064 |  |  | $ | 736,878 |
The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2021, are as follows:
Years Ending December 31, |  | Operating Leases |
2022 |  | $ | 343,443 |
2023 |  |  | 294,118 |
2024 |  |  | 236,667 |
2025 |  |  | 182,554 |
2026 |  |  | 133,875 |
Thereafter |  |  | 301,293 |
Total undiscounted lease payments |  | $ | 1,491,950 |
Lessee The Company is a lessee under ground leases that range in maturity from 2044 to 2089 and generally provide for renewal options from five to ten years. The Company included the renewal options in its lease terms for purposes of calculating its lease liability and ROU asset because it has no plans to cease operating its assets associated with each ground lease. The ground leases relate to properties where the Company owns the buildings and improvements but leases the underlying land. The lease payments on the majority of the ground leases are fixed, but in the instances where they are variable, they are either based on the CPI index or a percentage of sales. As of December 31, 2021, these leases have a weighted-average remaining lease term of 41 years and a weighted-average discount rate of approximately 12%. The Company's ROU asset and lease liability are presented in the consolidated balance sheets within intangible lease assets and other assets and accounts payable and accrued liabilities, respectively. A summary of the Company's ROU asset and lease liability activity during the year ended December 31, 2021 and 2020 is presented below:
|  | ROU Asset |  |  | Lease Liability |
Balance as of November 1, 2021 (Successor) |  | $ | 2,975 |  |  | $ | 2,975 |
Cash reduction |  |  | (58 | ) |  |  | (58 | )
Noncash increase |  |  | 53 |  |  |  | 59 |
Balance as of December 31, 2021 (Successor) |  | $ | 2,970 |  |  | $ | 2,976 |
|  | ROU Asset |  |  | Lease Liability |
Balance as of January 1, 2020 (Predecessor) |  | $ | 3,804 |  |  | $ | 3,837 |
Cash reduction |  |  | (373 | ) |  |  | (373 | )
Noncash decrease |  |  | (128 | ) |  |  | (134 | )
Balance as of December 31, 2020 (Predecessor) |  | $ | 3,303 |  |  | $ | 3,330 |
The components of lease expense are presented below:
|  | Successor |  |  |  | Predecessor |
|  | Period from November 1, through December 31, |  |  |  | Period from January 1, through October 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Lease expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 47 |  |  |  | $ | 448 |  |  | $ | 462 |  |  | $ | 547 |
Variable lease expense |  |  | 14 |  |  |  |  | 246 |  |  |  | 223 |  |  |  | 348 |
Total lease expense |  | $ | 61 |  |  |  | $ | 694 |  |  | $ | 685 |  |  | $ | 895 |
The undiscounted future lease payments to be paid under the Company's operating leases as of December 31, 2021, are as follows:
Year Ending December 31, |  | Operating Leases |
2022 |  | $ | 351 |
2023 |  |  | 351 |
2024 |  |  | 351 |
2025 |  |  | 353 |
2026 |  |  | 361 |
Thereafter |  |  | 14,302 |
Total undiscounted lease payments |  |  | 16,069 |
Less imputed interest |  |  | (13,093 | )
Lease liability |  | $ | 2,976 |

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