Deferred Rents Receivable
|12 Months Ended|
Dec. 31, 2019
|Revenue from Contract with Customer [Abstract]|
|Deferred Rents Receivable||
NOTE 5 – DEFERRED RENTS RECEIVABLE
The Company is the lessor under several operating leases which contain rent holidays, escalating rents over time, options to renew, requirements to pay property taxes, insurance and/or maintenance costs, and contingent rental payments based on a percentage of monthly tenant revenues. The Company is not the lessor under any finance leases.
The Company recognizes fixed rental receipts from such lease agreements on a straight-line basis over the expected lease term. Differences between amounts received and amounts recognized are recorded under Deferred Rents Receivable on the balance sheet. Contingent rentals are recognized only after tenants’ revenues are finalized and if such revenues exceed certain minimum levels.
The Company leases the following owned properties:
The Company subleases the following property:
As of December 31, 2019 and 2018, cumulative fixed rental receipts under such leases approximated $9.5 million and $5.4 million, respectively, compared to revenue recognized on a straight-line basis of approximately $11.3 million and $7.5 million. Accordingly, the deferred rents receivable balances at December 31, 2019 and 2018 approximated $1.8 million and $2.1 million, respectively.
Future minimum rental receipts for non-cancelable leases and subleases as of December 31, 2019 were: