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Revenue Recognition | 6 Months Ended
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Jun. 30, 2020
Revenue From Contract With Customer [Abstract] |
Revenue Recognition |
2. | Revenue Recognition
Impact of the COVID-19 Pandemic on Revenue and Receivables Beginning in March 2020, the retail sector within the continental U.S. has been significantly impacted by the outbreak of COVID-19. Though the impact of the COVID-19 pandemic on tenant operations has varied by tenant category, local conditions and applicable government mandates, a significant number of the Company’s tenants have experienced a reduction in sales and foot traffic, and many tenants were forced to limit their operations or close their businesses for a period of time. As of July 24, 2020, approximately 92% of the Company’s tenants (at the Company’s share and based on average base rents) were open for business, up from a low of approximately 45% in early April 2020. The outbreak of COVID-19 had a relatively minimal impact on the Company’s collection of rents for the first quarter of 2020, but it had a significant impact on collection of second quarter rents. As of July 24, 2020, the Company’s tenants had paid approximately 64% of aggregate base rents for the second quarter (at the Company’s share). The Company has engaged in discussions with many tenants that failed to satisfy all or a portion of their rent obligations during the second quarter of 2020 and has agreed to terms on rent-deferral arrangements and other lease modifications with a number of tenants. The Company had net contractual tenant accounts receivable of $27.4 million at June 30, 2020, related to second quarter rental income. The Company’s pro rata share of unconsolidated joint ventures contractual accounts receivable at June 30, 2020 was $1.8 million related to second quarter rental income. Such tenants with agreed upon deferral or lease modifications arrangements represent approximately 17% of aggregate base rents for the second quarter at the Company’s share. The Company continues to evaluate its options with respect to tenants with which the Company has not reached satisfactory resolution of unpaid rents and has commenced collections actions against several tenants. For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants during the period earned at such time it believes collection from the tenants is probable based upon a demonstrated payment history or recapitalization event. During the three months ended June 30, 2020, tenants on the cash basis of accounting and other related reserves, resulted in a reduction of rental income of $10.1 million (the Company’s share of reserves for unconsolidated joint ventures was $1.8 million). In addition, while the Company reported an additional reduction in contractual rental payments due from tenants of approximately $2.6 million, as compared to pre-modification payments due to the impact of lease modifications, an increase in straight-line rent largely offset the impact on net income. The Company’s share of lease modification adjustments for unconsolidated joint ventures was not material. The aggregate amount of uncollectible revenue reported during the quarter primarily was due to the impact of the COVID-19 pandemic. Fee and Other Income Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers and other property-related income, primarily composed of theater income, and is recognized in the period earned as follows (in thousands):
| Three Months |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 7,551 |  |  | $ | 11,110 |  |  | $ | 16,876 |  |  | $ | 22,641 |
Leasing commissions |  | 682 |  |  |  | 1,381 |  |  |  | 3,678 |  |  |  | 2,880 |
Development fees |  | 177 |  |  |  | 392 |  |  |  | 1,047 |  |  |  | 945 |
Disposition fees |  | 210 |  |  |  | 1,515 |  |  |  | 1,766 |  |  |  | 2,717 |
Credit facility guaranty and refinancing fees |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,800 |
Total revenue from contracts with customers |  | 8,620 |  |  |  | 14,398 |  |  |  | 23,367 |  |  |  | 30,983 |
Other property income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | 872 |  |  |  | 1,985 |  |  |  | 2,906 |  |  |  | 4,201 |
Total fee and other income | $ | 9,492 |  |  | $ | 16,383 |  |  | $ | 26,273 |  |  | $ | 35,184 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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