Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2019

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

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:



Weighted-average remaining lease term
Operating leases (years)	12.7
Weighted-average discount rate
Operating leases	4.1	%

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