Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:

	Three Months Ended
Classification	March 31, 2022		March 31, 2021
Fixed	$	66,982	$	71,942
Variable(1)(2)	11,554		19,703
Total	$	78,536	$	91,645

(1)    Primarily comprised of tenant reimbursements.

(2)    Variable income contains termination income of $10,941 for the three months ended March 31, 2021. No termination fee revenue was recognized during the three months ended March 31, 2022. 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 March 31, 2022 were as follows:

Three months ending March 31, 2022	Total
2022 - remainder	$	194,736
2023	263,513
2024	233,837
2025	212,628
2026	194,096
2027	158,937
Thereafter	581,264
Total	$	1,839,011

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2022		March 31, 2021
Weighted-average remaining lease term
Operating leases (years)	9.5		11.5
Weighted-average discount rate
Operating leases	4.0	%	4.1	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:

Income Statement Classification	Fixed		Variable		Total
2022:
Property operating	$	886	$	—	$	886
General and administrative	377		35		412
Total	$	1,263	$	35	$	1,298
2021:
Property operating	$	912	$	—	$	912
General and administrative	336		33		369
Total	$	1,248	$	33	$	1,281

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2022:

	Operating Leases
2022 - remainder	$	3,706
2023	5,290
2024	5,199
2025	5,204
2026	4,174
2027	3,673
Thereafter	7,501
Total lease payments	$	34,747
Less: Imputed interest	(6,711)
Present value of operating lease liabilities	$	28,036