Lease Accounting (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
Classification	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Fixed	$	71,357	$	74,902	$	213,929	$	219,542
Variable(1)(2)	10,996		8,690		40,641		23,879
Total	$	82,353	$	83,592	$	254,570	$	243,421

(1)    Primarily comprised of tenant reimbursements.

(2)    Variable income contains termination income of $14,105 and $662 for the nine months ended September 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 September 30, 2021 were as follows:

2021 - remainder	$	68,554
2022	277,267
2023	277,523
2024	241,780
2025	211,975
2026	188,128
Thereafter	767,235
Total	$	2,032,462

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Nine Months Ended
	September 30, 2021		September 30, 2020
Weighted-average remaining lease term
Operating leases (years)	11.3		12.3
Weighted-average discount rate
Operating leases	4.1	%	4.2	%

Lease, Cost

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

Income Statement Classification	Fixed		Variable		Total
2021:
Property operating	$	2,734	$	2	$	2,736
General and administrative	1,037		24		1,061
Total	$	3,771	$	26	$	3,797
2020:
Property operating	$	2,985	$	—	$	2,985
General and administrative	1,012		76		1,088
Total	$	3,997	$	76	$	4,073

Lessee, Operating Lease, Liability, Maturity

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

	Operating Leases
2021 - remainder	$	1,192
2022	5,005
2023	5,155
2024	5,021
2025	5,021
2026	3,985
Thereafter	13,486
Total lease payments	$	38,865
Less: Imputed interest	(8,756)
Present value of operating lease liabilities	$	30,109