Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lessor, Operating Leases

Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Rental income related to fixed lease payments(1)	$	94,511	$	97,328	$	285,572	$	289,318
Rental income related to variable lease payments	31,781		33,626		94,278		93,105
Straight-line rent amortization(2)	1,772		2,548		3,103		7,055
Amortization of lease assets	802		1,032		2,367		3,230
Lease buyout income	664		632		972		1,088
Adjustments for collectability(2)(3)	(6,232)		(2,451)		(18,874)		(3,191)
Total rental income	$	123,298	$	132,715	$	367,418	$	390,605

Lessor - Operating Lease, Payments to be Received, Maturity

Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of September 30, 2020, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):

Year	Amount
Remaining 2020	$	98,238
2021	364,782
2022	330,635
2023	282,988
2024	227,052
Thereafter	594,574
Total	$	1,898,269

Schedule of Leases

Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands):

Balance Sheet Information	Balance Sheet Location	September 30, 2020		December 31, 2019
ROU assets, net - operating leases(1)	Investment in Real Estate	$	3,895	$	7,613
ROU assets, net - operating and finance leases	Other Assets, Net	1,998		2,111
Operating lease liability	Accounts Payable and Other Liabilities	5,880		9,453
Finance lease liability	Debt Obligations, Net	240		443

(1)During the nine months ended September 30, 2020, one of our acquisitions was land upon which one of our shopping centers is situated that was previously subject to a ground lease in which the lessor controlled an option requiring us to purchase the land subject to the lease. Our valuation of the ROU asset and lease liability as of December 31, 2019 for this ground lease reflected the assumption that the lessor would exercise this option and that we would purchase the underlying land asset.