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Leases (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2020 (in thousands):
Twelve Months Ended September 30, 
2021$261,237 
2022222,605 
2023180,006 
2024135,767 
202596,394 
Thereafter308,692 
Total$1,204,701 
Lease Cost The tables below present financial information associated with our leases for the three and nine months ended September 30, 2020 and 2019, and as of September 30, 2020 and December 31, 2019.
Three Months Ended September 30,Nine Months Ended September 30,
Lease Cost (in thousands)2020201920202019
Operating lease cost(1)
$335 $250 $956 $795 
Variable lease cost(1)
7 10 31 33 
Sublease income(2)
— (5)— (163)
Total lease cost$342 $255 $987 $665 
(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 September 30,Nine Months Ended September 30,
Other Information (in thousands)2020201920202019
Cash paid for amounts included in the measurement of operating lease liabilities$331 $259 $774 $781 
Right-of-use assets obtained in exchange for new operating lease liabilities(1)
$— $— $1,353 $6,720 
(1)For the nine months ended September 30, 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 RateSeptember 30, 2020December 31, 2019
Weighted-average remaining lease term4.1 years4.7 years
Weighted-average discount rate(1)
3.6 %3.9 %
(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 September 30, 2020 were as follows (in thousands):
October 1, 2020 - December 31, 2020$352 
20211,199 
20221,201 
20231,198 
20241,161 
Thereafter97 
Total undiscounted lease payments$5,208 
Less imputed interest(396)
Total lease liabilities$4,812