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Leases (Tables)

12 Months Ended

Dec. 31, 2019

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



Classification	Fixed		Variable⁽¹⁾		Total
Rental revenue	$	291,892	$	28,730	$	320,622

(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 December 31, 2019 were as follows:




2020	$	269,701
2021	258,937
2022	245,527
2023	242,009
2024	210,765
Thereafter	1,399,068
Total	$	2,626,007

The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably assured.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.

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 as of December 31, 2019 is as follows:



Weighted-average remaining lease term
Operating leases (years)	12.3
Weighted-average discount rate
Operating leases	4.1	%

Lease, Cost

The components of lease expense for the year ended December 31, 2019 were as follows:



Income Statement Classification	Fixed		Variable		Total
Property operating	$	3,982	$	—	$	3,982
General and administrative	1,343		112		1,455
Total	$	5,325	$	112	$	5,437

Lessee, Operating Lease, Liability, Maturity

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



	Operating Leases
2020	$	5,236
2021	5,060
2022	5,135
2023	5,279
2024	5,301
Thereafter	25,621
Total lease payments	$	51,632
Less: Imputed interest	(12,190		)
Present value of lease liabilities	$	39,442

Future Minimum Rental Payments

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