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Leases (Notes)
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases LEASES
Leases as Lessor
Lease income related to the Company’s operating leases is comprised of the following:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Lease income related to fixed and variable lease payments
 
 
 
 
 
 
 
Base rent (a)
$
84,904

 
$
89,135

 
$
175,710

 
$
178,069

Percentage and specialty rent (b)
450

 
683

 
1,496

 
2,002

Tenant recoveries (b) (c)
22,513

 
25,879

 
48,333

 
52,706

Lease termination fee income (b)
252

 
232

 
376

 
1,420

Other lease-related income (b)
1,044

 
1,589

 
2,549

 
2,886

Straight-line rental income, net (d)
(1,284
)
 
616

 
(943
)
 
2,116

Other
 
 
 
 
 
 
 
Bad debt, net
(12,419
)
 
(77
)
 
(13,923
)
 
(477
)
Amortization of above and below market lease intangibles
and lease inducements
1,343

 
392

 
1,900

 
2,430

Lease income
$
96,803

 
$
118,449

 
$
215,498

 
$
241,152

(a)
Primarily consists of fixed lease payments, however, partially offset by adjustments of $(51) for the three and six months ended June 30, 2020 related to executed lease concessions granted as relief due to COVID-19 and treated as a negative variable lease adjustment to base rent in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. Base rent for the three and six months ended June 30, 2020 is also net of adjustments of $(5,743) driven by uncollected amounts related to cash-basis tenants.
(b)
Represents lease income related to variable lease payments.
(c)
Tenant recoveries for the three and six months ended June 30, 2020 are net of $(1,289) representing uncollected amounts related to cash-basis tenants.
(d)
Represents lease income related to fixed lease payments. Includes changes in allowances for doubtful straight-line receivables of $(1,636) and $(592) for the three months ended June 30, 2020 and 2019, respectively, and $(2,671) and $(814) for the six months ended June 30, 2020 and 2019, respectively.
During the three months ended June 30, 2020, the Company agreed in principle, and, in certain circumstances, executed agreements, with tenants regarding lease concessions. The majority of these concessions are for the deferral of amounts billed, without an extension of the lease term. However, certain of these lease concessions include abatement, a combination of deferral and abatement, or provide a concession that includes the extension of the existing lease term. The majority of the amounts addressed by the lease concessions are base rent, although certain concessions also address tenant recoveries and other charges. As of June 30, 2020, the Company agreed in principle and, in certain circumstances, executed lease concessions to defer, without an extension of the lease term, $6,530 of previously uncollected base rent charges related to the second quarter of 2020, and to address an additional $4,659 of previously uncollected base rent charges related to the second quarter of 2020 through abatement, a combination of deferral and abatement or a concession that includes the extension of the lease term. As of June 30, 2020, the amounts that have been deferred to future periods under executed lease concessions, on a weighted average basis, are expected to begin being received starting in approximately six months from June 30, 2020 and will be received over a period of approximately 11 months once started.
Subsequent to June 30, 2020, the Company agreed in principle and, in certain circumstances, executed agreements, with additional tenants whereby it expects to address an additional $2,493 of previously uncollected base rent charges related to the second quarter of 2020. Furthermore, the Company agreed in principle and, in certain circumstances, executed agreements, with tenants whereby it expects to address through lease concessions approximately $7,100 of base rent charges pertaining to the second half of 2020. The Company can make no assurances that the in-process lease amendments will ultimately be executed in the lease concession type being actively negotiated, or at all. Refer to Note 2 to the condensed consolidated financial statements for a discussion of the accounting treatment for lease concessions as a result of the COVID-19 pandemic.
The Company has not yet reached agreements, and in some cases does not anticipate reaching agreements, to defer or abate rent with certain tenants regarding concession requests, as discussions are ongoing. Certain other tenants, many of which are considered essential businesses, remain open and continue to operate during this time.
During the six months ended June 30, 2020, the Company applied $2,753 of security deposits to previously uncollected accounts receivable.
Leases as Lessee
During the six months ended June 30, 2020, the Company extended the term of one office lease resulting in an additional lease liability and right-of-use lease asset of $383.