9. Leases

Leasing revenue consists of rental revenue from multi-family, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend.

The components of leasing revenue are as follows:


	Year Ended
	December 31, 2019
Leasing revenue
Lease payments	$	11,637
Variable lease payments		3,944
Total leasing revenue	$	15,581

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the years ending December 31 are:



2020	$	14,595
2021		10,864
2022		9,896
2023		7,836
2024		6,547
Thereafter		17,762
	$	67,500

As of December 31, 2019, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate and hospitality operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02 on January 1, 2019 lease assets and liabilities for operating leases were not recognized. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable.

The components of lease expense are as follows:



	Year Ended
	December 31, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	40
Interest on lease liability		9
Operating lease cost		238
Short-term lease cost		721
Total lease cost	$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		4.2
Weighted-average remaining lease term - operating leases (in years)		3.1
Weighted-average discount rate - finance lease		5.0%
Weighted-average discount rate - operating leases		5.0%

The aggregate payments of finance lease liability subsequent to December 31, 2019, for the years ending December 31 are:


2020	$	54
2021		54
2022		54
2023		54
2024		10
Total		226
Less imputed interest		(22)
Total finance lease liability	$	204

The aggregate payments of operating lease liabilities subsequent to December 31, 2019, for the years ending December 31 are:


2020	$	246
2021		180
2022		102
2023		63
2024		12
Thereafter		293
Total		896
Less imputed interest		(205)
Total operating lease liabilities	$	691