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LEASES (Tables) | 3 Months Ended
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Mar. 31, 2020
LEASES |
Lessee - Future minimum lease payments and total operating lease liabilities | Future minimum lease payments and total operating lease liabilities from our ground leases as of March 31, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Ground Leases
2020 | ​ | $ | 9,330
2021 | ​ | ​ | 12,442
2022 | ​ | ​ | 12,442
2023 | ​ | ​ | 12,442
2024 | ​ | ​ | 12,442
Thereafter | ​ | ​ | 455,221
Total future minimum lease payments (undiscounted) | ​ | ​ | 514,319
Difference between future undiscounted cash flows and discounted cash flows | ​ | ​ | (316,490)
Total operating lease liabilities (discounted) | ​ | $ | 197,829
Lessee - components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2020 | ​ | 2019
Lease expense: | ​ | ​ | ​ | ​ | ​ | ​
Contractual lease expense | ​ | $ | 3,170 | ​ | $ | 2,159
Variable lease expense (a) | ​ | ​ | 43 | ​ | ​ | 139
Total operating lease expense (b)(c) | ​ | $ | 3,213 | ​ | $ | 2,298
| (a) | Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee.
| (b) | Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations.
| (c) | For the three months ended March 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.8 million and $0.7 million, respectively, and for the three months ended March 31, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.2 million and $0.1 million, respectively. The Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended March 31, 2020 and 2019, respectively, due to the net impact of the amortization.
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Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of March 31, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Retail and Commercial Leases
2020 | ​ | $ | 16,849
2021 | ​ | ​ | 22,487
2022 | ​ | ​ | 20,781
2023 | ​ | ​ | 19,317
2024 | ​ | ​ | 17,594
Thereafter | ​ | ​ | 81,662
Total future minimum lease payments (a) | ​ | $ | 178,690
| (a) | We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919396-209981 + Details
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