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Revenues
12 Months Ended
Dec. 31, 2020
Revenues [Abstract]  
Revenues

Note 12. Revenues

Rents for 2020, 2019 and 2018, respectively, are comprised of the following:

 

 

 

Years ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Base rents

 

$

95,987,000

 

 

$

105,041,000

 

 

$

107,630,000

 

Expense recoveries

 

 

29,241,000

 

 

 

33,475,000

 

 

 

33,378,000

 

Percentage rent

 

 

1,778,000

 

 

 

971,000

 

 

 

725,000

 

Straight-line rents

 

 

(1,208,000

)

 

 

405,000

 

 

 

1,142,000

 

Amortization of intangible lease liabilities, net

 

 

1,373,000

 

 

 

2,827,000

 

 

 

4,361,000

 

Total rents

 

$

127,171,000

 

 

$

142,719,000

 

 

$

147,236,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 at Metro Square. As a result of this termination, revenues for 2020, included approximately $7.1 million of other income.  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.

 

Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2020 are approximately as follows (excluding those base rents applicable to properties classified as real estate held for sale):

 

2021

 

$

93,213,000

 

2022

 

 

85,973,000

 

2023

 

 

85,650,000

 

2024

 

 

75,194,000

 

2025

 

 

62,652,000

 

Thereafter

 

 

334,634,000

 

 

 

$

737,316,000

 

 

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 $31.1 million, $34.4 million and $34.1 million for 2020, 2019 and 2018, respectively. Such amounts do not include amortization of intangible lease liabilities.