Leases

6 Months Ended

Jun. 30, 2020

Note 4 – Leases

Lessor

The components of rental revenues are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fixed lease payments	$	99,150	$	151,730	$	236,544	$	311,002
Variable lease payments		21,072		33,663		44,851		65,371
Total rental revenues	$	120,222	$	185,393	$	281,395	$	376,373

The undiscounted future fixed lease payments to be received under the Company's operating leases as of June 30, 2020, are as follows :

Years Ending December 31,	Operating Leases
2020 ⁽¹⁾	$	242,571
2021		446,200
2022		376,986
2023		313,251
2024		248,727
2025		185,386
Thereafter		451,572
Total undiscounted lease payments	$	2,264,693

(1)	Reflects rental payments for the fiscal period July 1, 2020 to December 31, 2020.

Lessee

The Company has eight ground leases and one office lease in which it is a lessee. The maturities of these leases range from 2021 to 2089 and generally provide for renewal options ranging from five to ten years. We included the renewal options in our lease terms for purposes of calculating our lease liability and ROU asset where we have plans to continue operating our assets under the current terms associated with each ground lease. The ground leases relate to properties where the Company owns the buildings and improvements, but leases the underlying land. The lease payments on the majority of the ground leases are fixed, but in the instances where they are variable they are either based on the CPI index or a percentage of sales. The one office lease is subleased as of June 30, 2020. As of June 30, 2020, these leases have a weighted-average remaining lease term of 42.9 years and a weighted-average discount rate of 8.1%.

The components of lease expense are presented below:

	Three Months Ended June 30, 2020		Three Months Ended June 30, 2019			Six Months Ended June 30, 2020		Six Months Ended June 30, 2019
Lease expense:
Operating lease expense	$	114	$	207		$	239	$	425
Variable lease expense		31		( 2	)		116		30
Total lease expense	$	145	$	205		$	355	$	455