LEASES (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Current minimum future rentals under the leases

As of June 30, 2021, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands):

 

Year Ending December 31,
2021 (six months ending December 31, 2021)	$	105,814
2022	218,368
2023	201,249
2024	169,825
2025	150,001
Thereafter	463,903
Total	$	1,309,160

Current minimum annual payments under the leases

Current annual payments under the operating leases are as follows, as of June 30, 2021 (in thousands): 

Year Ending December 31,
2021 (six months ending December 31, 2021)	$	1,061
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	$	34,290
Imputed interest	(5,833)
Present value of lease liability	$	28,457

Lease costs under operating leases and supplemental cash flow information of leases

Lease costs under the operating leases are as follows (in thousands):    

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Operating lease cost	$	1,132	$	945	$	2,265		$	1,790
Variable lease cost	—		—		—			—
Sublease income	(938)		(1,073)		(2,133)			(1,941)
Total lease (income) cost	$	194	$	(128)	$	132		$	(151)
Weighted-average remaining lease term - operating leases (in years)					10.0
Weighted-average discount rate - operating leases					3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):

	Six Months Ended June 30,
	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,730	$	1,692
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	22,188