DEFERRED RENTS RECEIVABLE
|6 Months Ended|
Jun. 30, 2022
|Deferred Rents Receivable|
|DEFERRED RENTS RECEIVABLE||
(4) DEFERRED RENTS RECEIVABLE
The Company is the lessor under operating leases which contain escalating rents over time, rent holidays, 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 in Deferred rents receivable in the condensed consolidated balance sheets. 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 properties:
The Company received rental payments aggregating $0.8 million and $2.0 million in the three and six months ended June 30, 2022, respectively, and $1.2 million and $2.4 million in the three and six months ended June 30, 2021, respectively. Revenue from these rental receipts was recognized on a straight-line basis and aggregated $0.8 million and $1.9 million in the three and six months ended June 30, 2022, respectively, and $1.1 million and $2.3 million in the six months ended June 30, 2021, respectively.
Future minimum rental receipts for non-cancellable leases and subleases as of June 30, 2022 were as follows (in thousands):
SCHEDULE OF FUTURE MINIMUM RENTAL RECEIPTS FOR NON-CANCELABLE LEASES AND SUBLEASES