Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Activity for Reserves Related to Billed Rents and Straight-line Rents

The activity for the reserves related to billed rents and straight-line rents (including those under specific operating leases where the collection of rents is assessed to be not probable) is as follows:

	Nine Months Ended September 30, 2021
	Balance at Beginning of Period		Provision (Recovery)		Write-Offs			Balance at End of Period
Allowance for credit loss - billed rents	$	30,366	$	973	$	(2,909	)	$	28,430
Straight-line rent reserves		15,042		254		(2,648	)		12,648
Total - rents receivable	$	45,408	$	1,227	$	(5,557	)	$	41,078

Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021			2020
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	226		226	$	677		$	1,370
Interest on lease liabilities		97		92		289			1,541
Subtotal		323		318		966			2,911
Operating lease cost		1,334		2,258		5,850			5,377
Variable lease cost		23		5		57			27
Total lease cost	$	1,680	$	2,581	$	6,873		$	8,315
Other Information
Weighted-average remaining lease term - finance leases (years)						32.8			33.5
Weighted-average remaining lease term - operating leases (years)						14.2			26.5
Weighted-average discount rate - finance leases						6.3	%		6.2	%
Weighted-average discount rate - operating leases						5.1	%		5.4	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2021, are summarized as follows (in thousands):

			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues (a)		Operating Leases (b)			Finance Leases (b)
2021 (Remainder)	$	49,136	$	1,380		$	—
2022		208,208		5,368			34
2023		197,110		5,389			—
2024		172,240		5,414			—
2025		140,533		5,329			—
Thereafter		606,694		29,711			12,515
		1,373,921		52,591			12,549
Interest		—		(12,848	)		(6,036	)
Total	$	1,373,921	$	39,743		$	6,513

a)Amount represents contractual lease maturities at September 30, 2021 including any extension options that management determined were reasonably certain of exercise. During 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further below.

b)Minimum rental payments exclude options or renewals not reasonably certain of exercise.