Lease Accounting (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020:

	Three Months Ended				Six Months Ended
Classification	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Fixed	$	70,630	$	73,374	$	142,572	$	144,639
Variable(1)(2)	9,942		7,720		29,645		15,190
Total	$	80,572	$	81,094	$	172,217	$	159,829

(1)    Primarily comprised of tenant reimbursements.

(2) Variable income contains termination income of $11,827 and $439 for the six months ended June 30, 2021 and 2020, respectively. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's 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 June 30, 2021 were as follows:

2021 - remainder	$	133,585
2022	267,171
2023	266,388
2024	230,957
2025	203,554
Thereafter	1,094,536
Total	$	2,196,191

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Six Months Ended
	June 30, 2021		June 30, 2020
Weighted-average remaining lease term
Operating leases (years)	11.3		12.4
Weighted-average discount rate
Operating leases	4.1	%	4.2	%

Lease, Cost

The components of lease expense for the six months ended June 30, 2021 and 2020 were as follows:

Income Statement Classification	Fixed		Variable		Total
2021:
Property operating	$	1,824	$	—	$	1,824
General and administrative	673		22		695
Total	$	2,497	$	22	$	2,519
2020:
Property operating	$	1,990	$	—	$	1,990
General and administrative	677		47		724
Total	$	2,667	$	47	$	2,714

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2021:

	Operating Leases
2021 - remainder	$	2,339
2022	5,005
2023	5,155
2024	5,021
2025	5,021
2026	3,985
Thereafter	13,486
Total lease payments	$	40,012
Less: Imputed interest	(9,066)
Present value of operating lease liabilities	$	30,946