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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

7.

Leases

Lessee

The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2070.  The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2029.  Certain of the lease agreements include variable payments for reimbursement of common area expenses.  The Company determines if an arrangement is a lease at inception.  

Operating lease ROU assets and operating lease liabilities are included in the Company’s consolidated balance sheet as follows (in thousands):

 

 

 

 

December 31,

 

 

 

Classification

 

2020

 

 

2019

 

Operating Lease ROU Assets

 

Other Assets, Net

 

$

20,604

 

 

$

21,792

 

Operating Lease Liabilities

 

Accounts Payable and Other Liabilities

 

 

39,794

 

 

 

40,725

 

 

 

Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative for its office leases are as follows (in thousands):

 

 

 

 

 

December 31,

 

Classification

 

 

 

2020

 

 

2019

 

Operating and Maintenance

 

 

 

$

2,716

 

 

$

3,495

 

General and Administrative(A)

 

 

 

 

2,627

 

 

 

2,837

 

   Total lease costs

 

 

 

$

5,343

 

 

$

6,332

 

(A)

Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to operating leases was as follows:

 

 

December 31,

 

 

 

2020

 

 

2019

 

Weighted-Average Remaining Lease Term

 

35.2 years

 

 

35.3 years

 

Weighted-Average Discount Rate

 

 

7.4

%

 

 

7.3

%

Cash paid for amounts included in the measurement

   operating cash flows from lease liabilities (in thousands)

 

$

4,414

 

 

$

3,548

 

 

As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands):

Year

 

December 31,

 

2021

 

$

4,393

 

2022

 

 

4,051

 

2023

 

 

3,545

 

2024

 

 

3,605

 

2025

 

 

3,661

 

Thereafter

 

 

114,004

 

   Total lease payments

 

 

133,259

 

Less imputed interest

 

 

(93,465

)

   Total

 

$

39,794

 

Lessor

 

Space in the Company’s shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements.

The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands):

Year

 

December 31,

 

2021

 

$

338,177

 

2022

 

 

300,944

 

2023

 

 

250,738

 

2024

 

 

203,986

 

2025

 

 

154,222

 

Thereafter

 

 

456,926

 

Total

 

$

1,704,993