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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Lease income related to the Company’s operating leases is comprised of the following:



	Year Ended December 31,
	2019		2018		2017
Lease income related to fixed lease payments	$	362,866	$	361,909	$	406,923
Lease income related to variable lease payments	116,928		116,141		128,968
Other (a)	1,892		4,447		2,248
Lease income	$	481,686	$	482,497	$	538,139

(a)

For the year ended December 31, 2019, “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements. For the years ended December 31, 2018 and 2017, “Other” is comprised of amortization of above and below market lease intangibles and lease inducements.

Schedule of lease payments to be received under operating leases (new lease accounting standard)

As of December 31, 2019, undiscounted lease payments to be received under operating leases, excluding additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no exercise of renewal options or early termination rights, for the next five years and thereafter are as follows:



	Lease Payments
2020	$	363,222
2021	327,131
2022	279,283
2023	230,164
2024	175,781
Thereafter	556,877
Total	$	1,932,458

Schedule of lease payments to be received under operating leases (previous lease accounting standard)

As of December 31, 2018, undiscounted lease payments to be received under operating leases, excluding additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no exercise of renewal options or early termination rights, were as follows:



	Lease Payments
2019	$	351,145
2020	314,081
2021	274,135
2022	227,417
2023	180,199
Thereafter	569,758
Total	$	1,916,735

Schedule of rent expense

The following table summarizes total lease costs recognized during the period, including variable lease payments which were not significant, and non-cash rent expense. Lease costs recognized during the year ended December 31, 2019 are presented under the new lease accounting standard and lease costs recognized during the years ended December 31, 2018 and 2017 are presented under the standard in effect prior to the Company’s adoption of ASU 2016-02.



	Year Ended December 31,
	2019		2018		2017
Ground lease rent expense (a)	$	6,395	$	7,638	$	9,188
Office rent expense (b)	$	1,133	$	1,137	$	1,311
Office rent costs capitalized (c)	$	181	$	156	$	—


(a)	Included within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Includes non-cash ground rent expense of $1,356, $2,404 and $2,710 for the years ended December 31, 2019, 2018 and 2017, respectively.

(b)

Office rent related to property management operations is included within “Operating expenses” and office rent related to corporate office operations is included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company has elected to not record a lease liability/ROU asset for leases with a term of less than 12 months. Office rent expense for the year ended December 31, 2019 includes $29 of short-term lease costs.

(c)

Office rent costs incurred as an indirect cost related to redevelopment projects are capitalized as a cost of the redevelopment project.

Schedule of future rental obligations to be paid under ground and office leases (new lease accounting standard)

As of December 31, 2019, undiscounted future rental obligations to be paid under the long-term ground and office leases, including fixed rental increases, for the next five years and thereafter are as follows:



	Lease Obligations
2020	$	6,152
2021	6,283
2022	6,155
2023	6,102
2024	5,698
Thereafter	247,798
Total	$	278,188
Adjustment for discounting	(187,059		)
Lease liabilities as of December 31, 2019	$	91,129

Schedule of future rental obligations to be paid under ground and office leases (previous lease accounting standard)

As of December 31, 2018, future rental obligations to be paid under the ground and office leases, including fixed rental increases, were as follows:



	Lease Obligations
2019	$	6,448
2020	6,656
2021	6,716
2022	6,761
2023	6,769
Thereafter	279,916
Total	$	313,266