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Leases (Tables)

6 Months Ended

Jun. 30, 2020

Operating Lease, Lease Income [Table Text Block]

The following table summarizes the components of rental income recognized during the three and six months ended June 30, 2020 and 2019 included in the accompanying Consolidated Statements of Operations.


	Three months ended June 30,						Six months ended June 30,
Rental Income (in thousands)	2020		2019		2020		2019
Fixed lease payments	$	91,234	$	74,958	$	181,630	$	147,075
Variable lease payments	25,588		19,258		50,594		41,439
Straight-line rental income	1,823		3,292		5,750		5,576
Net decrease to rental income related to above and below market lease amortization	(1,174)		(1,146)		(2,164)		(2,113)
Total rental income	$	117,471	$	96,362	$	235,810	$	191,977

Lessor, Operating Lease, Payments to be Received, Maturity

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2020.


Year	Maturity of Fixed Lease Payments (in thousands)
Remainder of 2020	$	183,554
2021	$	344,763
2022	$	307,910
2023	$	265,262
2024	$	221,533
Thereafter	$	846,338

Lease, Cost [Table Text Block]

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019.


Operating Lease Term and Discount Rate	June 30, 2020		December 31, 2019
Weighted average remaining lease term (years)	27.0		36.0
Weighted average discount rate	6.8	%	7.1	%

The following table summarizes the operating lease cost recognized during the three and six months ended June 30, 2020 and 2019 included in the Company’s Consolidated Statements of Operations.


	Three months ended June 30,						Six months ended June 30,
Operating Lease Cost (in thousands)	2020		2019		2020		2019
Operating lease cost included in property expense attributable to ground leases	$	331	$	331	$	662	$	662
Operating lease cost included in general and administrative expense attributable to corporate office lease	423		267		741		533
Total operating lease cost	$	754	$	598	$	1,403	$	1,195

The following table summarizes supplemental cash flow information related to operating leases recognized during the six months ended June 30, 2020 and 2019 in the Company’s Consolidated Statements of Cash Flows.


	Six months ended June 30,
Operating Leases (in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,143	$	1,141
Right-of-use assets obtained in exchange for new lease liabilities	$	7,718	$	—

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of June 30, 2020.


Year	Maturity of Operating Lease Liabilities⁽¹⁾ (in thousands)
Remainder of 2020	$	1,150
2021	2,102
2022	2,975
2023	3,021
2024	3,064
Thereafter	50,017
Total lease payments	62,329
Less: Imputed interest	(38,050)
Present value of operating lease liabilities	$	24,279

(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.