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Revenues
12 Months Ended
Dec. 31, 2022
Revenues [Abstract]  
Revenues

Note 12. Revenues

Rental revenues for 2022, 2021 and 2020, respectively, are comprised of the following:

 

 

Years ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Base rents

 

$

23,111,000

 

 

$

27,946,000

 

 

$

29,419,000

 

Expense recoveries

 

 

7,769,000

 

 

 

9,394,000

 

 

 

8,344,000

 

Percentage rent

 

 

534,000

 

 

 

676,000

 

 

 

1,448,000

 

Straight-line rents

 

 

361,000

 

 

 

(61,000

)

 

 

(1,513,000

)

Amortization of intangible lease liabilities, net

 

 

896,000

 

 

 

657,000

 

 

 

710,000

 

Total rents

 

$

32,671,000

 

 

$

38,612,000

 

 

$

38,408,000

 

On January 31, 2020, the Company agreed to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration at Metro Square. As a result of this termination, revenues for 2020, included approximately $7.1 million of other income.

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. The Company identified various tenants where collection was no longer considered probable, and therefore, during the years ended December 31, 2022 and 2021, respectively, $0.6 million and $0.2 million of billed charges, consisting of rent and tenant reimbursements, were unpaid. Based on the Company’s determination to record revenue on a cash basis for these tenants, these amounts were not recorded as revenue.

Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2022 are approximately as follows:

2023

 

$

23,961,000

 

2024

 

 

23,133,000

 

2025

 

 

20,845,000

 

2026

 

 

18,550,000

 

2027

 

 

16,313,000

 

Thereafter

 

 

54,132,000

 

 

 

$

156,934,000

 

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 amounts do not include amortization of intangible lease liabilities.