Lease Accounting (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating leases for the six months ended June 30, 2019:

Classification	Fixed		Variable(1)		Total
Rental revenue	$	145,412	$	13,321	$	158,733

(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 as of June 30, 2019 are as follows:

2019 - remainder	$	141,556
2020	274,827
2021	259,348
2022	243,809
2023	239,912
2024	210,944
Thereafter	1,534,665
Total	$	2,905,061

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)	12.6
Weighted-average discount rate
Operating leases	4.1	%

Lease, Cost

The components of lease expense for the six months ended June 30, 2019 are as follows:

Income Statement Classification	Fixed		Variable		Total
Property operating	$	1,992	$	—	$	1,992
General and administrative	671		57		728
Total	$	2,663	$	57	$	2,720

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2019:

	Operating Leases
2019 - remainder	$	2,448
2020	5,239
2021	5,062
2022	5,137
2023	5,280
2024	5,301
Thereafter	25,622
Total lease payments	$	54,089
Less: Imputed interest	(13,012		)
Present value of lease liabilities	$	41,077

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