Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Lease Costs including Weighted Average Lease Terms and Weighted-average Discount Rates

A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted):

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Lease cost:
Operating lease cost:
Included in Operating expense	$	761		$	1,522
Included in General and administrative expense	67			128
Finance cost:
Amortization of right-of-use asset (included in Depreciation and Amortization)	38			83
Interest on lease liability (included in Interest expense, net)	411			821
Short-term lease cost	17			44
Variable lease cost	61			134
Sublease income (included in Rentals, net)	(6,754		)	(13,534		)
Total lease cost	$	(5,399	)	$	(10,802	)
	June 30, 2019
Weighted-average remaining lease term (in years):
Operating leases				42.1
Finance lease				4.5
Weighted-average discount rate (percentage):
Operating leases				4.9		%
Finance lease				7.5		%

Reconciliation of Lease Liabilities, Lessee, Operating Lease

A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of June 30, 2019, is as follows (in thousands):

	Operating		Finance
Lease payments:
2019 remaining	$	1,214	$	869
2020	2,623		1,744
2021	2,414		1,751
2022	2,401		1,759
2023	2,367		23,037
2024	2,165
Thereafter	97,187
Total	$	110,371	$	29,160
Lease liabilities(1)	42,748		21,851
Undiscounted excess amount	$	67,623	$	7,309

___________________

(1)

Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet.

Reconciliation of Lease Liabilities, Finance Lease, Maturity

A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of June 30, 2019, is as follows (in thousands):

	Operating		Finance
Lease payments:
2019 remaining	$	1,214	$	869
2020	2,623		1,744
2021	2,414		1,751
2022	2,401		1,759
2023	2,367		23,037
2024	2,165
Thereafter	97,187
Total	$	110,371	$	29,160
Lease liabilities(1)	42,748		21,851
Undiscounted excess amount	$	67,623	$	7,309

___________________

(1)

Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Condensed Consolidated Balance Sheet.

Schedule of Future Minimum Rental Payments for Operating Leases

Scheduled minimum rental payments as defined under ASC No. 840, under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018, were as follows (in thousands):

	Operating		Finance
Lease payments:
2019	$	2,779	$	1,642
2020	2,536		1,635
2021	2,334		1,627
2022	2,318		1,618
2023	2,283		22,878
Thereafter	99,302
Total	$	111,552	$	29,400

Schedule of Future Minimum Lease Payments for Capital Leases

Scheduled minimum rental payments as defined under ASC No. 840, under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2018, were as follows (in thousands):

	Operating		Finance
Lease payments:
2019	$	2,779	$	1,642
2020	2,536		1,635
2021	2,334		1,627
2022	2,318		1,618
2023	2,283		22,878
Thereafter	99,302
Total	$	111,552	$	29,400

Schedule of Future Sublease Payments for Ground Lease Rentals

Future undiscounted, sublease payments, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of June 30, 2019 and December 31, 2018, were as follows (in thousands):

	June 30, 2019		December 31, 2018
Sublease payments:
Finance lease(1)	$	14,003	$	14,382
Operating leases:
2019 remaining	$	11,744	$	22,528
2020	22,387		20,903
2021	20,277		18,886
2022	18,513		17,245
2023	16,370		15,128
2024	11,232
Thereafter	34,634		43,439
Total	$	135,157	$	138,129

___________________

(1)

The sublease payments related to our finance lease represents cumulative payments through the lease term ending in 2023.