Leases

9 Months Ended

Sep. 30, 2020

For the three and nine months ended September 30, 2020 and 2019, one new ground lease has commenced. Based on our analysis, we concluded that its classification was a finance lease.

Lessee - Maturity of Lease Liabilities

The following table summarizes the future minimum lease obligations of our operating leases as of September 30, 2020 (in thousands):


Year	Operating Leases		Finance Leases
2020	$	2,677	$	31
2021	10,771		164
2022	10,966		164
2023	11,106		165
2024	10,452		165
2025	9,942		168
Thereafter	625,091		10,102
Total undiscounted lease payments	$	681,005	$	10,959
Less: Interest	(482,560)		(6,852)
Present value of lease liabilities	$	198,445	$	4,107

Lessor - Lease Revenues and Maturity of Future Minimum Rents

For the three months ended September 30, 2020 and 2019, we recognized $186.3 million and $173.1 million, respectively, of rental and other lease-related income related to our operating leases, of which $42.7 million and $39.1 million, respectively, were variable lease payments. For the nine months ended September 30, 2020 and 2019, we recognized $546.8 million and $511.5 million, respectively, of rental and other lease-related income related to our operating leases, of which $127.3 million and $115.2 million, respectively, were variable lease payments.

The following table summarizes the future minimum rent contractually due under operating leases, excluding tenant reimbursements of certain costs, as of September 30, 2020 (in thousands):


Year	Amount
2020	$	132,156
2021	540,191
2022	486,895
2023	434,519
2024	383,147
2025	333,548
Thereafter	1,330,323
Total	$	3,640,779