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Revenues
12 Months Ended
Dec. 31, 2014
Revenues [Abstract]  
Revenues

 

Note 14. Revenues

 

Rents for 2014, 2013 and 2012, respectively, are comprised of the following:

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2014

 

2013

 

2012

Base rents

 

$        110,739,000 

 

$        103,721,000 

 

$          96,897,000 

Percentage rent

 

683,000 

 

804,000 

 

1,001,000 

Straight-line rents

 

761,000 

 

1,387,000 

 

930,000 

Amortization of intangible lease liabilities

 

4,322,000 

 

4,441,000 

 

5,359,000 

Total rents

 

$        116,505,000 

 

$        110,353,000 

 

$        104,187,000 

 

 

 

 

 

 

 

 

Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2014 are approximately as follows (excluding those base rents applicable to properties treated as discontinued operations):

 

 

 

 

 

2015 

 

$           106,034,000

2016 

 

96,504,000 
2017 

 

85,264,000 
2018 

 

76,439,000 
2019 

 

63,524,000 

Thereafter

 

301,207,000 

 

 

$           728,972,000

 

 

 

 

Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants’ sales volume. Such additional revenue amounts aggregated approximately $32.1 million, $29.5 million and $26.5 million for 2014, 2013 and 2012, respectively. Such amounts do not include amortization of intangible lease liabilities.

Other

 

Other revenues include items which, although recurring, tend to fluctuate more than rental income from period to period, such as lease termination income. Other revenues in 2012 include lease termination income (approximately $3.0 million) and fees earned from the Cedar/RioCan joint venture in 2012 (approximately $2.8 million). The management agreement relating to the Cedar/RioCan joint venture properties terminated on January 31, 2013 (see Note 5 –“Investment in Cedar/RioCan Joint Venture”).