Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Lease income related to operating leases
Lease income related to the Trust’s operating leases, including the two Retail Properties classified as held for sale, is comprised of the following:

Lease income related to fixed lease payments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended
June 30, 2022		 Period from
January 30, 2021
to June 30, 2021
Base rent (a) $ 27,655  $ 23,998  $ 55,326  $ 39,997 
Straight-line rental income, net (b) (636) 16,162  (1,273) 26,936 
Lease income related to variable lease payments
Ground lease reimbursement income (c) 1,003  1,021  2,007  1,701 
Other
Amortization of above and below market lease intangibles (d) (332) (1) (664) (1)
Lease income $ 27,690  $ 41,180  $ 55,396  $ 68,633 
(a)Base rent consists of fixed lease payments, subject to a 50% rent abatement during the first lease year for each of the Retail Properties.
(b)Represents lease income related to the excess (deficit) of straight-line rental income over fixed lease payments.
(c)Ground lease reimbursement income consists of lease payments due from the tenant for land leased under non-cancellable operating leases.
(d)Represents above and below market lease amortization recognized straight line over the lease term.
Undiscounted lease payments to be received under operating leases
As of June 30, 2022, undiscounted lease payments to be received under operating leases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter are as follows:

Lease Payments
Period from July 1 to December 31, 2022 $ 54,973 
2023 109,945 
2024 109,945 
2025 109,945 
2026 109,945 
Thereafter 1,539,234 
Total $ 2,033,987 
Undiscounted future rental obligations to be paid under long-term ground and office leases
As of June 30, 2022, undiscounted future rental obligations to be paid under the long-term ground leases by New JCP under the terms of the Master Lease on behalf of the Trust, including fixed rental increases, for the next five years and thereafter, are as follows:
Lease Obligations
Period from July 1 to December 31, 2022 $ 2,008 
2023 4,062 
2024 4,124 
2025 4,116 
2026 4,138 
Thereafter 224,356 
Less imputed interest (205,191)
Lease liabilities as of June 30, 2022 $ 37,613