Lease Obligations (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Leases [Abstract] |
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| 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 | % |
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| 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. |
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| 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. |
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| 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. |
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