Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

Columbia Property Trust as Lessee

Columbia Property Trust is a lessee on ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. As of March 31, 2020, Columbia Property Trust has one ground lease with a remaining lease term of 57.8 years inclusive of renewal options, which is included in operating lease assets of $30.1 million. Payments for all future periods under this ground lease have already been made. Thus, as of March 31, 2020, operating lease liabilities of $2.9 million include only the present value of future payments due under two office leases, with a weighted average remaining lease term of 2.5 years, inclusive of renewal options.

Columbia Property Trust as Lessor

Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in lease revenues on the consolidated statements of operations. As of March 31, 2020, the weighted-average remaining term for such leases is approximately 6.4 years.

Lease revenues include fixed and variable payments. Fixed payments primarily relate to base rent and include payments related to lease terminations; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three months ended March 31, 2020 are as follows (in thousands):

	For the Three Months Ended March 31,
	2020		2019
Fixed payments	$	61,243	$	65,517
Variable payments	6,764		6,345
Total lease revenues	$	68,007	$	71,862

Leases

Leases

Columbia Property Trust as Lessee

Columbia Property Trust is a lessee on ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. As of March 31, 2020, Columbia Property Trust has one ground lease with a remaining lease term of 57.8 years inclusive of renewal options, which is included in operating lease assets of $30.1 million. Payments for all future periods under this ground lease have already been made. Thus, as of March 31, 2020, operating lease liabilities of $2.9 million include only the present value of future payments due under two office leases, with a weighted average remaining lease term of 2.5 years, inclusive of renewal options.

Columbia Property Trust as Lessor

Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in lease revenues on the consolidated statements of operations. As of March 31, 2020, the weighted-average remaining term for such leases is approximately 6.4 years.

Lease revenues include fixed and variable payments. Fixed payments primarily relate to base rent and include payments related to lease terminations; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three months ended March 31, 2020 are as follows (in thousands):

	For the Three Months Ended March 31,
	2020		2019
Fixed payments	$	61,243	$	65,517
Variable payments	6,764		6,345
Total lease revenues	$	68,007	$	71,862