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Leases (Tables)
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Lease income
The components of rental revenue from the Company’s operating and direct financing leases were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Fixed:
Cash rent
$264,466 $255,996 $799,943 $778,697 
Straight-line rent
3,560 12,595 12,392 18,053 
Lease intangible amortization
(1,164)(393)(4,541)(1,929)
Property operating cost reimbursements
1,373 1,581 4,045 4,372 
Sub-lease (1)
4,898 5,175 14,623 15,718 
Total fixed
273,133 274,954 826,462 814,911 
Variable (2)
16,422 18,585 43,711 55,438 
Income from direct financing leases
116 153 374 505 
Total rental revenue
$289,671 $293,692 $870,547 $870,854 
____________________________________
(1)The Company’s tenants are generally sub-tenants under certain ground leases and are responsible for paying the rent under these leases.
(2)Includes costs reimbursed related to property operating expenses, common area maintenance and percentage rent, including these costs reimbursed by ground lease sub-tenants.
Lessor, operating lease payments receivable
The following table presents future minimum operating lease payments due to the Company over the next five years and thereafter as of September 30, 2021 (in thousands). These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes.
Future Minimum
Operating Lease Payments
Future Minimum
Direct Financing Lease Payments
(1)
October 1, 2021 - December 31, 2021$251,110 $501 
20221,009,650 1,925 
2023954,282 1,565 
2024890,154 510 
2025790,230 169 
2026730,788 171 
Thereafter4,532,336 484 
Total$9,158,550 $5,325 
____________________________________
(1)Related to 18 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflect undiscounted cash flows to be received by the Company under the lease agreements on these respective properties.
Lessor, direct financing leases maturities
The following table presents future minimum operating lease payments due to the Company over the next five years and thereafter as of September 30, 2021 (in thousands). These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes.
Future Minimum
Operating Lease Payments
Future Minimum
Direct Financing Lease Payments
(1)
October 1, 2021 - December 31, 2021$251,110 $501 
20221,009,650 1,925 
2023954,282 1,565 
2024890,154 510 
2025790,230 169 
2026730,788 171 
Thereafter4,532,336 484 
Total$9,158,550 $5,325 
____________________________________
(1)Related to 18 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflect undiscounted cash flows to be received by the Company under the lease agreements on these respective properties.
Lease cost
The following table presents the lease expense components for the three and nine months ended September 30, 2021 and 2020 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Operating lease cost (1)
$5,704 $5,933 $16,932 $19,643 
Sublease income (2)
$(4,898)$(5,175)$(14,623)$(15,718)
___________________________________
(1)No cash paid for operating lease liabilities was capitalized.
(2)The Company’s tenants are generally sub-tenants under certain ground leases and are responsible for paying the rent under these leases.
Lessee, operating lease maturities
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground lease obligations, which are substantially reimbursable by our tenants, and office lease obligations as of September 30, 2021 (in thousands).
Future Minimum Lease Payments
October 1, 2021 - December 31, 2021$5,649 
202221,069 
202320,571 
202419,942 
202519,644 
202618,247 
Thereafter187,379 
Total292,501 
Less: imputed interest95,830 
Total$196,671