ACCOUNTING POLICIES AND PRONOUNCEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

The Company’s leased assets and liabilities are as follows:



(In thousands)	June 30, 2019
Assets
Operating lease right-of-use assets	$	71,176
Total leased assets	$	71,176

Liabilities
Operating lease liabilities	$	71,125
Total leased liabilities	$	71,125

Lease Cost

Other information related to the Company’s lessee agreements is as follows:



(In thousands)	Six Months Ended
Supplemental Condensed Consolidated Statements of Cash Flows Information	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,641



Other Information	June 30, 2019
Weighted-average remaining lease term (years)
Operating leases	36.9
Weighted-average discount rate
Operating leases	7.7	%

The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years. Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows:



	Three Months Ended		Six Months Ended
(In thousands)	June 30, 2019		June 30, 2019
Total Minimum Rent Payments	$	53,736	$	106,590

The components of lease expense are as follows:



(In thousands)	Three Months Ended		Six Months Ended
Lease Cost	June 30, 2019		June 30, 2019
Operating lease cost	$	2,312	$	4,677
Variable lease costs	331		508
Sublease income	—		—
Net lease cost	$	2,643	$	5,185

Operating Lease Liability Maturity

Future minimum lease payments as of June 30, 2019 are as follows:



(In thousands)	Operating
Year Ended December 31,	Leases
2019 (excluding the six months ended June 30, 2019)	$	3,028
2020	7,272
2021	7,111
2022	6,373
2023	6,389
Thereafter	273,287
Total lease payments	303,460
Less: imputed interest	(232,335		)
Present value of lease liabilities	$	71,125

Schedule of Minimum Rent Payments

The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows:



	Three Months Ended		Six Months Ended
(In thousands)	June 30, 2019		June 30, 2019
Total Minimum Rent Payments	$	53,736	$	106,590

Total future minimum rents associated with operating leases are as follows:



	Total
	Minimum
Year Ending December 31,	Rent
	(In thousands)
2019 (excluding the six months ended June 30, 2019)	$	94,483
2020	191,409
2021	203,964
2022	211,000
2023	198,087
Thereafter	1,351,947
Total	$	2,250,890