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Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases
Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of September 30, 2020 were as follows:
(in thousands)
Future Minimum Base Rental Receipts
October 1 - December 31, 2020$40,449 
2021172,195 
2022174,745 
2023177,172 
2024178,071 
Thereafter
2,079,866 
Total$2,822,498 
Components of Fixed and Variable Lease Revenues
The Company recorded the following amounts as adjustments to rental revenue during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Adjustment to rental revenue$168 $— $5,673 $25 
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Contingent rent$99 $142 $356 $717 
The fixed and variable components of lease revenues for the three and nine months ended September 30, 2020 and 2019 were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Fixed lease revenues$40,375 $34,758 $122,606 $96,687 
Variable lease revenues (1)
171 474 939 1,990 
Total lease revenues (2)
$40,546 $35,232 $123,545 $98,677 
_____________________________________
(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Information Related to Measurement of Lease Liabilities
The following table sets forth information related to the measurement of the Company’s lease liabilities as of September 30, 2020:
September 30,
2020		December 31, 2019
Weighted average remaining lease term (in years)22.621.9
Weighted average discount rate6.57%7.00%
Details of Rent Expense
The following table sets forth the details of rent expense for the three and nine months ended September 30, 2020 and 2019:
Three months ended September 30,Nine months ended September 30
(in thousands)2020201920202019
Fixed rent expense - Ground Rent$202 $219 $665 $683 
Fixed rent expense - Office Rent128 128 385 385 
Variable rent expense— — — — 
Total rent expense$330 $347 $1,050 $1,068 
Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)
As of September 30, 2020, under ASC 842, future lease payments due from the Company under office and equipment operating leases and the ground operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter were as follows:
(in thousands)Office and Equipment Leases
Ground Leases
to be Paid by
the Company		Ground Leases
to be Paid
Directly by the
Company’s
Tenants		Total Future
Minimum
Base Rental
Payments
October 1 - December 31, 2020$127 $38 $185 $350 
2021511 151 744 1,406 
2022518 151 746 1,415 
2023525 131 419 1,075 
2024532 24 369 925 
Thereafter538 — 13,967 14,505 
Total$2,751 $495 $16,430 19,676 
Present value discount(11,431)
Lease liabilities$8,245