Leases (Lessee) (Tables)

12 Months Ended

Dec. 31, 2020

The following is a summary of our lease expense (in thousands):

	Income Statement	For the Years Ended December 31,
	Classification	2020			2019
Operating lease cost (1)	(2)	$	9,910		$	9,262
Finance lease cost:
Amortization of right-of-use assets	Real estate depreciation and amortization		51			51
Interest on lease liabilities	Interest		128			117
Sublease income	Other		(2,614	)		(3,478	)
Total lease cost		$	7,475		$	5,952

(1)

Includes short-term leases.

(2)

$6.0 million and $5.8 million included in “Property-related”, with the remainder reflected in the “General and administrative” line of our consolidated statements of net income for 2020 and 2019, respectively.

Schedule Of Future Minimum Rental Payments For Leases Sublease Receivable And Net Payments Table Text Block

Fixed minimum payments due over the remaining lease term under non-cancelable leases of more than one year and amounts to be received in the future from non-cancelable subleases over their remaining lease term at December 31, 2020 are as follows (amounts in thousands):

	Operating Leases			Finance Leases			Amounts To Be Received From Subleases			Net Payments
2021	$	7,186		$	126		$	(2,952	)	$	4,360
2022		7,384			128			(3,238	)		4,274
2023		7,451			129			(3,240	)		4,340
2024		6,557			130			(3,259	)		3,428
2025		5,660			131			(3,303	)		2,488
Thereafter		257,730			4,783			(78,494	)		184,019	(1)
Total undiscounted minimum lease payments	$	291,968		$	5,427		$	(94,486	)	$	202,909
Less: interest		(201,962	)		(3,492	)
Present value of lease liabilities	$	90,006		$	1,935

(1)

Reflects certain ground leases, in which we are the lessee, that have longer initial fixed terms than our existing sublease to our tenants. However, we would expect to either renew the related sublease, enter into a lease with a new tenant, or early terminate the ground lease to reduce or avoid any significant impact from such ground leases.

Summary of Supplemental Balance Sheet Information

Supplemental balance sheet information is as follows (in thousands, except lease terms and discount rate):

	Balance Sheet Classification	December 31, 2020			December 31, 2019
Right of use assets:
Operating leases - real estate	Land	$	73,373		$	59,492
Finance leases - real estate	Land		1,836			1,888
Total real estate right of use assets		$	75,209		$	61,380
Operating leases - corporate	Other assets		8,234			9,866
Total right of use assets		$	83,443		$	71,246

Lease liabilities:
Operating leases	Obligations to tenants and other lease liabilities	$	90,006		$	76,353
Financing leases	Obligations to tenants and other lease liabilities		1,935			1,932
Total lease liabilities		$	91,941		$	78,285

Weighted-average remaining lease term:
Operating leases			41.1			31.9
Finance leases			35.9			36.9
Weighted-average discount rate:
Operating leases			6.4	%		6.3	%
Finance leases			6.6	%		6.6	%

Summary of Supplemental Cash Flow Information

The following is supplemental cash flow information (in thousands):

	For the Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,080	$	5,937
Operating cash flows from finance leases		125		114
Financing cash flows from finance leases		—		10
Non-cash activities - Right-of-use assets obtained in exchange for lease obligations:
Operating leases		13,832		1,818
Finance leases		—		—