Operating Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2020 (in thousands):

Twelve Months Ended March 31,
2021	$	247,146
2022	212,374
2023	172,010
2024	132,910
2025	93,438
Thereafter	298,695
Total	$	1,156,573

Lease Cost

The tables below present financial information associated with our leases for the three months ended March 31, 2020 and 2019, and as of March 31, 2020 and December 31, 2019.

	Three Months Ended March 31,
Lease Cost (in thousands)	2020		2019
Operating lease cost(1)	$	305	$	260
Variable lease cost(1)	12		13
Sublease income(2)	—		(79		)
Total lease cost	$	317	$	194

(1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.

(2) Amount is included in “Rental income” in the accompanying consolidated statements of operations.

	Three Months Ended March 31,
Other Information (in thousands)	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	180	$	239
Right-of-use assets obtained in exchange for new operating lease liabilities(1)	$	1,014	$	6,720

(1) For the three months ended March 31, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842.

Lease Term and Discount Rate	March 31, 2020		December 31, 2019
Weighted-average remaining lease term	4.6 years		4.7 years
Weighted-average discount rate(1)	3.68	%	3.92	%

(1) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of

each of our lease agreements.

Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):

April 1, 2020 - December 31, 2020	$	872
2021	1,091
2022	1,093
2023	1,131
2024	1,161
Thereafter	97
Total undiscounted lease payments	$	5,445
Less imputed interest	(468		)
Total lease liabilities	$	4,977