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Revenues
12 Months Ended
Dec. 31, 2019
Revenues [Abstract]  
Revenues

Note 12. Revenues

Rents for 2019, 2018 and 2017, respectively, are comprised of the following:

 

 

 

Years ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Base rents

 

$

105,041,000

 

 

$

107,630,000

 

 

$

108,998,000

 

Expense recoveries

 

 

33,475,000

 

 

 

33,378,000

 

 

 

31,220,000

 

Percentage rent

 

 

971,000

 

 

 

725,000

 

 

 

896,000

 

Straight-line rents

 

 

405,000

 

 

 

1,142,000

 

 

 

864,000

 

Amortization of intangible lease liabilities, net

 

 

2,827,000

 

 

 

4,361,000

 

 

 

2,518,000

 

Total rents

 

$

142,719,000

 

 

$

147,236,000

 

 

$

144,496,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 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.

 

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. As a result of this termination, revenues for the three months ended March 31, 2020, will include approximately $7.1 million of other income. Further, the Company will classify this property as real estate held for sale during the first quarter of 2020 and, as a result, will record an impairment charge of approximately $7.5 million. Accordingly, future base rents associated with this tenant have not been included in the annual future rents table below.

 

 

Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2019 are approximately as follows (excluding those base rents applicable to properties classified as real estate held for sale):

 

2020

 

$

98,931,000

 

2021

 

 

88,888,000

 

2022

 

 

77,176,000

 

2023

 

 

70,248,000

 

2024

 

 

59,957,000

 

Thereafter

 

 

208,157,000

 

 

 

$

603,357,000

 

 

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 $34.4 million, $34.1 million and $32.1 million for 2019, 2018 and 2017, respectively. Such amounts do not include amortization of intangible lease liabilities.