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Revenues
9 Months Ended
Sep. 30, 2018
Revenues [Abstract]  
Revenues

 

Note 8. Revenues

Rental revenues for the three and nine months ended September 30, 2018 and 2017, respectively, comprise the following:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Base rents

 

$

26,878,000

 

 

$

27,187,000

 

 

$

80,901,000

 

 

$

81,398,000

 

Percentage rent

 

 

181,000

 

 

 

259,000

 

 

 

396,000

 

 

 

705,000

 

Straight-line rents

 

 

332,000

 

 

 

291,000

 

 

 

824,000

 

 

 

787,000

 

Amortization of intangible lease liabilities, net

 

 

729,000

 

 

 

625,000

 

 

 

3,611,000

 

 

 

1,900,000

 

Total rents

 

$

28,120,000

 

 

$

28,362,000

 

 

$

85,732,000

 

 

$

84,790,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In April 2018, the Company accepted a cash payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration. As a result of this termination, revenues for the nine months ended September 30, 2018 includes $5.4 million, consisting of (1) $3.8 million of other income (the $4.3 million cash payment reduced by $0.5 million straight-line rent receivable) and (2) $1.5 million accelerated intangible lease liability amortization. The Company recognizes lease termination income when the following conditions are met: (1) the lease termination agreement has been executed, (2) the lease termination fee is determinable, (3) all the Company’s landlord services pursuant to the terminated lease have been rendered, and (4) collectability of the lease termination fee is assured.