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Revenue Recognition
 6 Months Ended
Jun. 30, 2021
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 has been significantly impacted by the COVID-19 pandemic.  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.  The COVID-19 pandemic had a significant impact on the Company’s collection of rents from April 2020 through the end of 2020.

The Company engaged in discussions with most of its larger tenants that failed to satisfy all or a portion of their rent obligations and agreed to terms on rent-deferral arrangements (and, in a small number of cases, rent abatements) and other lease modifications with a significant number of such tenants, of which $4.1 million remains outstanding under these deferral arrangements at June 30, 2021 for tenants that are not accounted for on the cash basis.  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 collection 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, all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income and no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received.  The Company will remove the cash basis designation and resume recording rental income from such tenants on a straight-line basis at such time it believes collection from the tenants is probable based upon a demonstrated payment history, improved liquidity, the addition of credit-worthy guarantors or a recapitalization event.

During the three and six months ended June 30, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $5.8 million and $7.2 million, respectively (the Company’s share of unconsolidated joint ventures was $1.1 million and $1.4 million, respectively), primarily due to rental income paid in 2021 related to outstanding receivables in 2020 from tenants on the cash basis of accounting.  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 and is recognized in the period earned as follows (in thousands):

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue from contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

$

6,602

 

 

$

7,551

 

 

$

13,177

 

 

$

16,876

 

Leasing commissions

 

1,038

 

 

 

682

 

 

 

2,055

 

 

 

3,678

 

Development fees

 

126

 

 

 

177

 

 

 

239

 

 

 

1,047

 

Disposition fees

 

592

 

 

 

210

 

 

 

592

 

 

 

1,766

 

Total revenue from contracts with customers

 

8,358

 

 

 

8,620

 

 

 

16,063

 

 

 

23,367

 

Other property income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

880

 

 

 

872

 

 

 

1,424

 

 

 

2,906

 

Total fee and other income

$

9,238

 

 

$

9,492

 

 

$

17,487

 

 

$

26,273