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Revenues
3 Months Ended
Mar. 31, 2018
Revenues [Abstract]  
Revenues

Note 8. Revenues

Rental revenues for the three months ended March 31, 2018 and 2017, respectively, comprise the following:

 

 

 

Three months ended March 31,

 

 

 

2018

 

 

2017

 

Base rents

 

$

27,159,000

 

 

$

27,140,000

 

Percentage rent

 

 

88,000

 

 

 

203,000

 

Straight-line rents

 

 

245,000

 

 

 

241,000

 

Amortization of intangible lease liabilities, net

 

 

669,000

 

 

 

639,000

 

Total rents

 

$

28,161,000

 

 

$

28,223,000

 

 

 

 

 

 

 

 

 

 

In April 2018, the Company accepted a payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration, which will be reflected in the quarter ended June 30, 2018. This anchor tenant was located at a property held for sale, and while paying its contractual rent prior to lease termination, it had closed and ceased retail operations at the property.  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.