SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of estimated useful lives

Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives:

Asset Type	Years	Location of Asset
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Lesser of lease term or useful life	Buildings and Equipment
Leasing costs	Related lease term	Prepaid expenses and other assets, net

Categories of developments

Developments consist of the following categories:

	December 31,
(In thousands)	2019		2018
Land and improvements	$	423,520	$	456,450
Development costs	1,022,477		829,842
Condominium projects	—		3,776
Total Developments	$	1,445,997	$	1,290,068

Changes in allowance for doubtful accounts

The following table summarizes the changes in allowance for doubtful accounts against accounts receivables:

(In thousands)	2019			2018			2017
Balance as of January 1,	$	10,664		$	9,300		$	7,799
Provision for doubtful accounts	5,881			6,078			2,710
Write-offs	(900		)	(4,714		)	(1,209		)
Balance as of December 31,	$	15,645		$	10,664		$	9,300

Lease cost

The components of lease expense are as follows:

(In thousands)	Year Ended
Lease Cost	December 31, 2019
Operating lease cost	$	9,082
Variable lease costs	1,682
Sublease income	—
Net lease cost	$	10,764

Other information related to the Company’s lessee agreements is as follows:

(In thousands)	Year Ended
Supplemental Consolidated Statements of Cash Flows Information	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	6,980

Other Information	December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	37.0
Weighted-average discount rate
Operating leases	7.8	%

The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of December 31, 2019 are as follows:

	Year Ended
(In thousands)	December 31, 2019
Total Minimum Rent Payments	$	218,740

Operating lease liability maturity

Future minimum lease payments as of December 31, 2019 are as follows:

(In thousands)	Operating
Year Ended December 31,	Leases
2020	$	6,927
2021	7,066
2022	6,328
2023	6,374
2024	6,432
Thereafter	266,852
Total lease payments	299,979
Less: imputed interest	(229,566		)
Present value of lease liabilities	$	70,413

Schedule of minimum rent payments

Total future minimum rents associated with operating leases are as follows:

	Total
(In thousands)	Minimum
Year Ending December 31,	Rent
2020	$	220,810
2021	229,968
2022	239,756
2023	228,196
2024	216,632
Thereafter	1,344,529
Total	$	2,479,891

Selling profit and interest income from sales-type leases

The Company recognized Selling profit from sales-type leases and Interest income from sales-type leases in its Consolidated Statements of Operations for the year ended December 31, 2019 as follows:

	Year Ended
(In thousands)	December 31, 2019
Selling profit from sales-type leases	$	13,537
Interest income from sales-type leases	$	2,189

Minimum rents associated with sales-type leases

Total future minimum rents associated with sales-type leases are as follows:

	Total
(In thousands)	Minimum
Year Ending December 31,	Rent
2020	$	5,462
2021	5,592
2022	5,725
2023	5,862
2024	6,023
Thereafter	104,133
Total	$	132,797

Restructuring and Related Costs

Details of the plan activities during the year ended December 31, 2019 are as follows:

(In thousands)	Restructuring Costs
Balance at January 1, 2019	$	—
Charges (a)	39,039
Charges paid/settled (a)	(29,354		)
Balance at December 31, 2019	$	9,685

(a)

Includes the $4.8 million loss on sale of the corporate aircraft, which is included in Gain (loss) on sale of real estate and other assets in the accompanying Consolidated Statements of Operations. The balance relates to relocation, retention and severance expenses and is included in General and administrative expense in the accompanying Consolidated Statements of Operations.