Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:

(in thousands)	December 31, 2020			December 31, 2019
Operating lease income
Fixed and in-substance fixed lease income	$	807,603			813,444
Variable lease income		247,384			247,861
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		42,219			45,392
Uncollectible straight line rent		(34,673	)		(7,002	)
Uncollectible amounts billable in lease income		(82,367	)		(5,394	)
Total lease income	$	980,166			1,094,301

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:

(in thousands)
For the year ended December 31,	December 31, 2020
2021	$	754,396
2022		676,083
2023		578,023
2024		480,768
2025		372,377
Thereafter		1,329,274
Total	$	4,190,921

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

(in thousands)	December 31, 2020		December 31, 2019
Fixed operating lease expense
Ground leases	$	13,716		13,982
Office leases		4,334		4,229
Total fixed operating lease expense		18,050		18,211
Variable lease expense
Ground leases		1,044		1,693
Office leases		585		552
Total variable lease expense		1,629		2,245
Total lease expense	$	19,679		20,456
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,003		14,815

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities under ground and office leases as of December 31, 2020, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:

(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2021	$	10,778			4,654			15,432
2022		10,837			3,379			14,216
2023		11,054			2,580			13,634
2024		11,103			2,114			13,217
2025		11,106			1,961			13,067
Thereafter		542,184			2,777			544,961
Total undiscounted lease liabilities	$	597,062			17,465			614,527
Present value discount		(392,848	)		(1,289	)		(394,137	)
Lease liabilities	$	204,214			16,176			220,390
Weighted average discount rate		5.2	%		3.8	%
Weighted average remaining term (in years)		48.1			5.0