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Leases (Tables)

3 Months Ended

Mar. 31, 2019

Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 842)

Under ASC 842, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2019 are as follows:

(in thousands)	Future Minimum Base Rental Receipts
April 1, 2019 - December 31, 2019	$	85,706
2020		114,619
2021		115,439
2022		116,971
2023		117,609
Thereafter		1,328,238
Total	$	1,878,582

Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 840)

Under ASC 840, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of December 31, 2018 are as follows:

(in thousands)	Future Minimum Base Rental Receipts
2019		105,827
2020		106,082
2021		106,743
2022		108,035
2023		105,924
Thereafter		1,150,158
Total	$	1,682,769

Components of Fixed and Variable Lease Revenues

The fixed and variable components of lease revenues for the three months ended March 31, 2019 were as follows:

(in thousands)	Three months ended March 31, 2019
Fixed lease revenues	$	29,961
Variable lease revenues ⁽¹⁾		1,093
Total lease revenues ⁽²⁾	$	31,054

(1)	Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.

(2)	Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.

The following table sets forth information related to the measurement of the Company’s lease liabilities as of March 31, 2019:

	March 31, 2019
Weighted average remaining lease term (in years)		5.5
Weighted average discount rate	7.00%

Details of Rent Expense

The following table sets forth the details of rent expense for the three months ended March 31, 2019:

(in thousands)	Three months ended March 31, 2019
Fixed rent expense	$	363
Variable rent expense		—
Total rent expense	$	363

Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)

As of March 31, 2019, future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter are as follows:

(in thousands)	Office and Ground Leases to be Paid by the Company		Ground Leases to be Paid Directly by the Company’s Tenants		Total Future Minimum Base Rental Payments
April 1 - December 31, 2019	$	653	$	370	$	1,023
2020		759		328		1,087
2021		680		331		1,011
2022		669		327		996
2023		656		26		682
Thereafter		1,094		—		1,094
Total	$	4,511	$	1,382		5,893
Present value discount						(1,276	)
Lease liabilities					$	4,617

Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 840)

As of December 31, 2018, under ASC 840, future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter are as follows:

(in thousands)	Office and Ground Leases to be Paid by the Company		Ground Leases to be Paid Directly by the Company’s Tenants		Total Future Minimum Base Rental Payments
2019	$	893	$	492	$	1,385
2020		759		328		1,087
2021		680		331		1,011
2022		669		327		996
2023		656		26		682
Thereafter		1,093		—		1,093
Total	$	4,750	$	1,504	$	6,254