Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

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, 2020 and 2019:

	Three Months Ended
Classification	March 31, 2020		March 31, 2019
Fixed	$	71,265	$	72,709
Variable(1)	7,470		7,266
Total	$	78,735	$	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 as of March 31, 2020 were as follows:

2020 - remainder	$	206,963
2021	265,348
2022	253,783
2023	252,396
2024	221,167
2025	199,534
Thereafter	1,281,301
Total	$	2,680,492

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2020		March 31, 2019
Weighted-average remaining lease term
Operating leases (years)	12.1		12.7
Weighted-average discount rate
Operating leases	4.1	%	4.1	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2020 and 2019 were as follows:

Income Statement Classification	Fixed		Variable		Total
2020:
Property operating	$	995	$	—	$	995
General and administrative	341		26		367
Total	$	1,336	$	26	$	1,362
2019:
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, 2020:

	Operating Leases
2020 - remainder	$	3,689
2021	5,060
2022	5,135
2023	5,279
2024	5,301
2025	5,301
Thereafter	20,320
Total lease payments	$	50,085
Less: Imputed interest	(11,792)
Present value of lease liabilities	$	38,293