DEFERRED REVENUE

3 Months Ended

Mar. 31, 2021

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 20. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):  

	As of
	March 31, 2021		December 31, 2020
Prepaid Rent	$	2,661	$	2,684
Tenant Contributions		613		625
Other Deferred Revenue		189		10
Total Deferred Revenue	$	3,463	$	3,319

Tenant Contributions. In connection with the construction of the Company’s beachfront restaurant formerly leased to Cocina 214 in Daytona Beach, Florida, pursuant to the lease agreement, the tenant contributed $1.9 million towards the completion of the building and tenant improvements through direct payments to various third-party construction vendors. The tenant contribution is being recognized ratably over the remaining term of the lease into income property rental revenue. As a result of the lease termination agreement, entered into on July 16, 2019 by the Company and Cocina 214, the balance of the tenant contribution liability was reduced by $1.0 million, leaving a balance of $0.7 million to be recognized into income property rental revenue ratably over the remaining term of the original Cocina 214 lease. A total of $0.1 million was recognized into income property rental revenue through March 31, 2021, leaving a balance of $0.6 million to be recognized over the remaining term of the lease.