Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Lease, Lease Income [Table Text Block]

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

	Three months ended September 30,				Nine months ended September 30,
Rental Income (in thousands)	2020		2019		2020		2019
Fixed lease payments	$	92,120	$	80,262	$	273,750	$	227,337
Variable lease payments	23,757		20,189		74,351		61,628
Straight-line rental income	2,852		3,091		8,602		8,667
Net decrease to rental income related to above and below market lease amortization	(1,482)		(1,248)		(3,646)		(3,361)
Total rental income	$	117,247	$	102,294	$	353,057	$	294,271

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 September 30, 2020.

Year	Maturity of Fixed Lease Payments (in thousands)
Remainder of 2020	$	92,565
2021	$	362,825
2022	$	327,365
2023	$	284,041
2024	$	240,067
Thereafter	$	911,977

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 September 30, 2020 and December 31, 2019.

Operating Lease Term and Discount Rate	September 30, 2020		December 31, 2019
Weighted average remaining lease term (years)	28.9		36.0
Weighted average discount rate	6.8	%	7.1	%

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

	Three months ended September 30,				Nine months ended September 30,
Operating Lease Cost (in thousands)	2020		2019		2020		2019
Operating lease cost included in property expense attributable to ground leases	$	345	$	331	$	1,007	$	993
Operating lease cost included in general and administrative expense attributable to corporate office lease	424		266		1,165		799
Total operating lease cost	$	769	$	597	$	2,172	$	1,792

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

	Nine months ended September 30,
Operating Leases (in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,728	$	1,711
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 September 30, 2020.

Year	Maturity of Operating Lease Liabilities(1) (in thousands)
Remainder of 2020	$	606
2021	2,222
2022	3,100
2023	3,153
2024	3,196
Thereafter	59,245
Total lease payments	71,522
Less: Imputed interest	(45,108)
Present value of operating lease liabilities	$	26,414

(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.