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Lease Accounting (Tables)

9 Months Ended

Sep. 30, 2019

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



Classification	Fixed		Variable⁽¹⁾		Total
Rental revenue	$	218,808	$	20,250	$	239,058

(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 September 30, 2019 were as follows:




2019 - remainder	$	66,925
2020	260,932
2021	249,047
2022	233,729
2023	229,641
2024	198,098
Thereafter	1,318,432
Total	$	2,556,804

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)	12.4
Weighted-average discount rate
Operating leases	4.1	%

Lease, Cost

The components of lease expense for the nine months ended September 30, 2019 were as follows:



Income Statement Classification	Fixed		Variable		Total
Property operating	$	2,988	$	—	$	2,988
General and administrative	1,007		85		1,092
Total	$	3,995	$	85	$	4,080

Lessee, Operating Lease, Liability, Maturity

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



	Operating Leases
2019 - remainder	$	1,240
2020	5,236
2021	5,060
2022	5,134
2023	5,279
2024	5,301
Thereafter	25,622
Total lease payments	$	52,872
Less: Imputed interest	(12,597		)
Present value of lease liabilities	$	40,275

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