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Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases Leases
Lessee Accounting
As of June 30, 2020, the Partnership had one operating lease for an office building that is owned by WPPLP. On January 1, 2019, the Partnership entered into a new lease of the building with a five-year base term and five additional five-year renewal options. Upon lease commencement and as of June 30, 2020, the Partnership was reasonably certain to exercise all renewal options included in the lease and capitalized the right-of-use asset and corresponding lease liability on its Consolidated Balance Sheets using the present value of the future lease payments over 30 years. The Partnership's right-of-use asset and lease liability included within other assets and other non-current liabilities, respectively, on its Consolidated Balance Sheets totaled $3.5 million at both June 30, 2020 and December 31, 2019. During the three and six months ended June 30, 2020 and 2019, the Partnership incurred total operating lease expenses of $0.1 million and $0.2 million, respectively included in both operating and maintenance expenses and general and administrative expenses on its Consolidated Statements of Comprehensive Income (Loss).
The following table details the maturity analysis of the Partnership's operating lease liability and reconciles the undiscounted cash flows to the operating lease liability included on its Consolidated Balance Sheet:
Remaining Annual Lease Payments (In thousands)As of June 30, 2020
2020$241  
2021483  
2022483  
2023483  
2024483  
After 202411,597  
Total lease payments (1)
$13,770  
Less: present value adjustment (2)
(10,269) 
Total operating lease liability$3,501  
(1)The remaining lease term of the Partnership's operating lease is 28.5 years.
(2)The present value of the operating lease liability on the Partnership's Consolidated Balance Sheets was calculated using a 13.5% discount rate which represents the Partnership's estimated incremental borrowing rate under the lease. As the Partnership's lease does not provide an implicit rate, the Partnership estimated the incremental borrowing rate at the time the lease was entered into by utilizing the rate of the Partnership's secured debt and adjusting it for factors that reflect the profile of borrowing over the 30-year expected lease term.
Leases Leases
Lessee Accounting
As of June 30, 2020, the Partnership had one operating lease for an office building that is owned by WPPLP. On January 1, 2019, the Partnership entered into a new lease of the building with a five-year base term and five additional five-year renewal options. Upon lease commencement and as of June 30, 2020, the Partnership was reasonably certain to exercise all renewal options included in the lease and capitalized the right-of-use asset and corresponding lease liability on its Consolidated Balance Sheets using the present value of the future lease payments over 30 years. The Partnership's right-of-use asset and lease liability included within other assets and other non-current liabilities, respectively, on its Consolidated Balance Sheets totaled $3.5 million at both June 30, 2020 and December 31, 2019. During the three and six months ended June 30, 2020 and 2019, the Partnership incurred total operating lease expenses of $0.1 million and $0.2 million, respectively included in both operating and maintenance expenses and general and administrative expenses on its Consolidated Statements of Comprehensive Income (Loss).
The following table details the maturity analysis of the Partnership's operating lease liability and reconciles the undiscounted cash flows to the operating lease liability included on its Consolidated Balance Sheet:
Remaining Annual Lease Payments (In thousands)As of June 30, 2020
2020$241  
2021483  
2022483  
2023483  
2024483  
After 202411,597  
Total lease payments (1)
$13,770  
Less: present value adjustment (2)
(10,269) 
Total operating lease liability$3,501  
(1)The remaining lease term of the Partnership's operating lease is 28.5 years.
(2)The present value of the operating lease liability on the Partnership's Consolidated Balance Sheets was calculated using a 13.5% discount rate which represents the Partnership's estimated incremental borrowing rate under the lease. As the Partnership's lease does not provide an implicit rate, the Partnership estimated the incremental borrowing rate at the time the lease was entered into by utilizing the rate of the Partnership's secured debt and adjusting it for factors that reflect the profile of borrowing over the 30-year expected lease term.