Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

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

Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of June 30, 2020 were as follows:

(in thousands)	Future Minimum Base Rental Receipts
July 1 - December 31, 2020	$	77,296
2021	157,464
2022	159,630
2023	161,776
2024	162,556
Thereafter	1,864,027
Total	$	2,582,749

Components of Fixed and Variable Lease Revenues

The fixed and variable components of lease revenues for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2020		2019		2020		2019
Fixed lease revenues	$	41,828	$	31,968	$	82,231	$	61,929
Variable lease revenues (1)	402		423		768		1,516
Total lease revenues (2)	$	42,230	$	32,391	$	82,999	$	63,445

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(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.

Information Related to Measurement of Lease Liabilities

The following table sets forth information related to the measurement of the Company’s lease liabilities as of June 30, 2020:

	June 30, 2020	December 31, 2019
Weighted average remaining lease term (in years)	22.7	21.9
Weighted average discount rate	7.00%	7.00%

Details of Rent Expense

The following table sets forth the details of rent expense for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,				Six months ended June 30
(in thousands)	2020		2019		2020		2019
Fixed rent expense	$	337	$	358	$	719	$	721
Variable rent expense	—		—		—		—
Total rent expense	$	337	$	358	$	719	$	721

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

As of June 30, 2020, under ASC 842, 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 were 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
July 1 - December 31, 2020	$	330	$	323	$	653
2021	662		650		1,312
2022	669		652		1,321
2023	656		318		974
2024	556		265		821
Thereafter	538		12,167		12,705
Total	$	3,411	$	14,375	$	17,786
Present value discount					(10,715)
Lease liabilities					$	7,071