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LEASES (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Components of Rental Revenue
The components of rental revenue for the years ended December 31, 2020 and 2019 were as follows:
Year Ended December 31,
 (Amounts in thousands)
20202019
Rental Revenue
Fixed lease revenue$235,488 $274,397 
Variable lease revenue92,792 110,008 
Total rental revenue$328,280 $384,405 
Schedule of Maturity Analysis of Operating Lease Payments to be Received as Lessor
The Company’s operating leases, including those with revenue recognized on a cash basis, are disclosed in the aggregate due to their consistent nature as real estate leases. As of December 31, 2020, the undiscounted cash flows to be received from lease payments of our operating leases on an annual basis for the next five years and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2021$252,690 
2022241,036 
2023219,771 
2024186,531 
2025162,906 
2026142,130 
Thereafter703,522 
Total undiscounted cash flows
$1,908,586 
Schedule of Components of Lease Expense and Supplemental Cash Information Related to Leases
The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:
Year Ended December 31,
 (Amounts in thousands)
20202019
Lease expense
Operating lease cost(1)
$10,875 $11,730 
Variable lease cost2,792 2,736 
Total lease expense$13,667 $14,466 
(1) During the years ended December 31, 2020 and 2019, the Company recognized sublease income of $17.7 million and $19.7 million, respectively, included in rental revenue on the consolidated statement of income in relation to certain ground and building lease arrangements. Operating lease cost includes amortization of below-market ground lease intangibles and straight-line lease expense.
Supplemental cash information related to leases for the years ended December 31, 2020 and 2019 was as follows:
 (Amounts in thousands)
Year Ended December 31,
Cash paid for amounts included in the measurement of lease liabilities:20202019
Operating cash flows from operating leases$10,033 $10,698 
Operating cash flows from finance lease120 10 
Financing cash flows from finance lease11 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$1,740 $98,980 
Finance lease— 2,991 
Schedule of Supplemental Noncash Information Related to Operating Leases
Supplemental balance sheet information related to leases as of December 31, 2020 and December 31, 2019 was as follows:
December 31, 2020December 31, 2019
Supplemental noncash informationOperating leasesFinance leaseOperating leasesFinance lease
Weighted-average remaining lease term 15.7 years35.2 years15.3 years36.2 years
Weighted-average discount rates 3.99 %4.01 %4.03 %4.01 %
Schedule of Supplemental Noncash Information Related to Finance Leases
Supplemental balance sheet information related to leases as of December 31, 2020 and December 31, 2019 was as follows:
December 31, 2020December 31, 2019
Supplemental noncash informationOperating leasesFinance leaseOperating leasesFinance lease
Weighted-average remaining lease term 15.7 years35.2 years15.3 years36.2 years
Weighted-average discount rates 3.99 %4.01 %4.03 %4.01 %
Schedule of Maturity Analysis of Operating Lease Payments as Lessee
The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented in the table below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability on the consolidated balance sheet by considering the present value discount.
(Amounts in thousands)OperatingFinance
Year Ending December 31,leaseslease
2021$9,363 $109 
20228,598 109 
20238,486 109 
20248,500 109 
20256,599 109 
20266,341 124 
Thereafter57,541 6,299 
Total undiscounted cash flows105,428 6,968 
Present value discount(30,456)(3,975)
Discounted cash flows$74,972 $2,993 
Schedule of Maturity Analysis of Finance Lease Payments as Lessee
The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented in the table below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability on the consolidated balance sheet by considering the present value discount.
(Amounts in thousands)OperatingFinance
Year Ending December 31,leaseslease
2021$9,363 $109 
20228,598 109 
20238,486 109 
20248,500 109 
20256,599 109 
20266,341 124 
Thereafter57,541 6,299 
Total undiscounted cash flows105,428 6,968 
Present value discount(30,456)(3,975)
Discounted cash flows$74,972 $2,993