Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and 2020:

	Three Months Ended
Classification	March 31, 2021		March 31, 2020
Fixed	$	71,942	$	71,265
Variable(1)(2)	19,703		7,470
Total	$	91,645	$	78,735

(1)    Primarily comprised of tenant reimbursements.

(2) Variable income contains termination income of $10,941 and $141 for the three months ended March 31, 2021 and 2020, respectively. The 2021 termination fee income primarily related to a tenant that terminated its lease at our Durham, New Hampshire industrial property.

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, 2021 were as follows:

2021 - remainder	$	201,837
2022	261,276
2023	262,314
2024	227,483
2025	200,079
Thereafter	1,115,668
Total	$	2,268,657

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2021		March 31, 2020
Weighted-average remaining lease term
Operating leases (years)	11.5		12.1
Weighted-average discount rate
Operating leases	4.1	%	4.1	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2021 and 2020 were as follows:

Income Statement Classification	Fixed		Variable		Total
2021:
Property operating	$	912	$	—	$	912
General and administrative	336		33		369
Total	$	1,248	$	33	$	1,281
2020:
Property operating	$	995	$	—	$	995
General and administrative	341		26		367
Total	$	1,336	$	26	$	1,362

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2021:

	Operating Leases
2021 - remainder	$	3,511
2022	4,854
2023	4,999
2024	5,021
2025	5,021
2026	3,985
Thereafter	13,487
Total lease payments	$	40,878
Less: Imputed interest	(9,370)
Present value of operating lease liabilities	$	31,508