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The Company and Financial Statement Presentation (Tables)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018:



	March 31, 2019		December 31, 2018
Real estate, net	$	503,114	$	509,916
Total assets	$	573,107	$	607,963
Mortgages and notes payable, net	$	192,710	$	192,791
Total liabilities	$	202,873	$	203,322

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating leases for the three months ended March 31, 2019:



Classification	Fixed		Variable⁽¹⁾		Total
Rental revenue	$	72,709	$	7,266	$	79,975


(1)	Primarily comprised of tenant reimbursements.

Lessor, Operating Lease, Payments to be Received, Maturity

Future fixed rental receipts for leases, assuming no new or re-negotiated leases, for the next five years and thereafter as of March 31, 2019 are as follows:




2019 - remainder	$	204,916
2020	262,826
2021	247,071
2022	229,997
2023	228,736
2024	205,667
Thereafter	1,515,561
Total	$	2,894,774

Minimum future lease payments under the non-cancellable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter in accordance with ASC Topic 840 as of December 31, 2018 were as follows:



Year ending December 31,	Total
2019	$	270,557
2020	253,660
2021	233,192
2022	212,893
2023	211,387
Thereafter	1,619,848
	$	2,801,537

Lease, Cost

The components of lease expense for the three months ended March 31, 2019 are as follows:



Income Statement Classification	Fixed		Variable		Total
Property operating	$	997	$	—	$	997
General and administrative	300		18		318
Total	$	1,297	$	18	$	1,315

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2019:



	Operating Leases
2019 - remainder	$	3,787
2020	5,220
2021	5,095
2022	5,138
2023	5,281
2024	5,301
Thereafter	25,622
Total lease payments	$	55,444
Less: Imputed interest	(13,440		)
Present value of lease liabilities	$	42,004

The following table shows the Company's future minimum lease rental payments under non-cancellable leasehold interests in accordance with ASC Topic 840 as of December 31, 2018:



Year ending December 31,	Total
2019	$	3,826
2020	3,827
2021	3,769
2022	3,834
2023	4,008
Thereafter	28,326
	$	47,590

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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