Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Activity for Reserves Related to Billed Rents and Straight-line Rents

The activity for the reserves related to billed rents and straight-line rents (including those under specific operating leases where the collection of rents is assessed to be not probable) is as follows:

	Six Months Ended June 30, 2021
	Balance at Beginning of Period		Provision (Recovery)		Adjustments to Valuation Accounts		Deductions			Balance at End of Period
Allowance for credit loss - billed rents	$	30,366	$	1,238	$	—	$	(2,639	)	$	28,965
Straight-line rent reserves		15,042		586		—		(2,329	)		13,299
Total - rents receivable	$	45,408	$	1,824	$	—	$	(4,968	)	$	42,264

Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	225		487	$	451		$	1,144
Interest on lease liabilities		97		599		192			1,449
Subtotal		322		1,086		643			2,593
Operating lease cost		2,230		1,725		4,516			3,119
Variable lease cost		19		6		34			22
Total lease cost	$	2,571	$	2,817	$	5,193		$	5,734
Other Information
Weighted-average remaining lease term - finance leases (years)						33.0			33.7
Weighted-average remaining lease term - operating leases (years)						14.4			26.9
Weighted-average discount rate - finance leases						6.3	%		6.2	%
Weighted-average discount rate - operating leases						5.1	%		5.4	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of June 30, 2021, are summarized as follows (in thousands):

			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues (a)		Operating Leases (b)			Finance Leases (b)
2021 (Remainder)	$	100,375	$	3,010		$	69
2022		205,934		5,368			28
2023		190,196		5,389			—
2024		163,851		5,414			—
2025		133,093		5,329			—
Thereafter		528,888		29,711			12,515
		1,322,337		54,221			12,612
Interest		—		(13,360	)		(6,133	)
Total	$	1,322,337	$	40,861		$	6,479

a)Amount represents contractual lease maturities at June 30, 2021 including any extension options that management determined were reasonably certain of exercise. During 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further below.

b)Minimum rental payments exclude options or renewals not reasonably certain of exercise.