Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

6. Leases

We lease our multifamily apartment communities and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases.

The following table summarizes the components of rental revenue for the three and nine months ended September 30, 2020 and 2019:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed component	$	11,107	$	10,827	$	33,111	$	32,963
Variable component		346		580		1,350		1,389
	$	11,453	$	11,407	$	34,461	$	34,352

The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less:

Twelve months ended September 30, 2020	Amount
2021	$	6,444
2022		23,155
2023		20,038
2024		14,606
2025		8,737
Thereafter		7,071
	$	80,051