Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of March 31, 2021 are approximately as follows:

(in thousands)	March 31, 2021
Remainder of 2021	$	66,971
2022		87,489
2023		80,770
2024		77,428
2025		77,156
2026		72,845
Thereafter		351,262
Total	$	813,921

The components of lease revenues for the three months ended March 31, 2021 and 2020 were as follows:

(in thousands)	Three Months Ended March 31,
	2021		2020
Fixed rental income	$	22,271	$	27,648
Variable rental income		9,046		8,066
Total rental income	$	31,317	$	35,714

The Company has one ground lease and multiple corporate office leases which are classified as operating leases. As of March 31, 2021, and December 31, 2020, the outstanding amount of right-of-use, or ROU, assets were $18.6 million and $18.8 million, respectively.

The Company recorded rent expense related to leased corporate office space of $0.4 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively. Such rent expense is classified within general and administrative expenses on the condensed consolidated statements of operations.

In addition, the Company recorded ground rent expense of approximately $0.1 million for the three months ended March 31, 2021 and 2020. Such ground rent expense is classified within property operating expenses on the condensed consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised.

The following table sets forth information related to the measurement of our lease liabilities as of March 31, 2021:

	As of March 31, 2021
Weighted average remaining lease term (in years)		9.69
Weighted average discount rate		6.99	%
Cash paid for operating leases (in thousands)	$	488

During the year ended December 31, 2020, the Company completed a sale-leaseback transaction of a property in Hialeah, Florida for $21.0 million which is included in sales-leaseback financing obligations on the condensed consolidated balance sheets. As part of the sale-leaseback transaction, the Company agreed to lease all land and improvements on the land for a fixed term of 25 years at an initial base rent of $1.5 million per annum which will increase by 1.5% per year thereafter. For the initial periods of the sale-leaseback, cash payments are less than the interest expense recognized, which causes the obligation to increase during the initial years of the lease term. The implied interest rate is approximately 7.00%. The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price. The Hialeah property

continues to be reflected as a long-lived asset and depreciated over its remaining useful life.

Future sale-leaseback financing obligations as of March 31, 2021 are approximately as follows:

(in thousands)	March 31, 2021
Remainder of 2021	$	1,082
2022		1,464
2023		1,486
2024		1,507
2025		1,531
2026		1,554
Thereafter		34,022
Interest		(22,064	)
Total	$	20,582

On February 28, 2019, the Company and certain affiliates of Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc., executed the Holdco Master Lease (the “Holdco Master Lease”) which became effective on March 12, 2019 when the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued an order approving the rejection of the Original Master Lease. The Company analyzed this transaction under applicable accounting guidance and determined that the termination of the Original Master Lease and entering into the Holdco Master Lease should be accounted for as a modification. The Holdco Master Lease provided the Company with the right to recapture up to approximately 50% of the space occupied by the tenant at all properties (other than five specified properties) and the right to recapture any automotive care centers which are free-standing or attached as “appendages” to the properties, all outparcels or outlots and certain portions of parking areas and common areas. Under the terms of the Holdco Master Lease, Holdco had the right, at any time, to terminate the Holdco Master Lease with respect to any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco exercised termination rights with respect to all remaining properties under the Holdco Master Lease during the year ended December 31, 2020, with the remaining five properties effective in March 2021.

Revenues from the Holdco Master Lease and the Original Master Lease for the three months ended March 31, 2021, and 2020 are as follows (excluding straight-line rental income for the three months ended March 31, 2021 and 2020 of $0 million and $(4.5) million, respectively).

(in thousands)	Three Months Ended March 31,
	2021		2020
Fixed rental income	$	-	$	4,288
Variable rental income		4,510		3,839
Total rental income	$	4,510	$	8,127