Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2020

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):

	Year Ended December 31,
	2020			2019
Lease cost:
Operating lease cost:
Included in Operating expense	$	2,977		$	3,044
Included in General and administrative expense		370			302
Finance cost:
Amortization of right-of-use asset (included in Depreciation and Amortization)		182			174
Interest on lease liability (included in Interest expense, net)		1,635			1,642
Short-term lease cost		—			44
Variable lease cost		244			309
Sublease income (included in Rentals, net)		(26,539)			(27,400)
Total lease cost	$	(21,131)		$	(21,885)
	December 31,
	2020			2019
Weighted-average remaining lease term (in years):
Operating leases		40.7			41.5
Finance lease		3.0			4.0
Weighted-average discount rate (percentage):
Operating leases		4.9	%		4.9	%
Finance lease		7.5	%		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, as calculated as of December 31, 2020, is as follows (in thousands):

	Operating		Finance
Lease payments:
2021	$	2,717	$	1,751
2022		2,698		1,759
2023		2,582		23,037
2024		2,222		—
2025		2,082		—
Thereafter		95,105		—
Total	$	107,406	$	26,547
Lease liabilities (1)		42,888		21,696
Undiscounted excess amount	$	64,518	$	4,851

(1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our 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, as calculated as of December 31, 2020, is as follows (in thousands):

	Operating		Finance
Lease payments:
2021	$	2,717	$	1,751
2022		2,698		1,759
2023		2,582		23,037
2024		2,222		—
2025		2,082		—
Thereafter		95,105		—
Total	$	107,406	$	26,547
Lease liabilities (1)		42,888		21,696
Undiscounted excess amount	$	64,518	$	4,851

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

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 December 31, 2020, were as follows (in thousands):

Sublease payments:
Finance lease(1)	$	10,286
Operating leases:
2021	$	23,110
2022		21,351
2023		19,813
2024		15,668
2025		11,273
Thereafter		36,826
Total	$	128,041

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