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LEASES (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended
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Jun. 30, 2020
Lease |
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 June 30, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Ground Leases
2020 | ​ | $ | 6,220
2021 | ​ | ​ | 12,442
2022 | ​ | ​ | 12,442
2023 | ​ | ​ | 12,442
2024 | ​ | ​ | 12,442
Thereafter | ​ | ​ | 455,221
Total future minimum lease payments (undiscounted) | ​ | ​ | 511,209
Difference between future undiscounted cash flows and discounted cash flows | ​ | ​ | (314,117)
Total operating lease liabilities (discounted) | ​ | $ | 197,092
Lessee - components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
Lease expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contractual lease expense | ​ | $ | 3,216 | ​ | $ | 2,139 | ​ | $ | 6,386 | ​ | $ | 4,278
Variable lease expense (a) | ​ | ​ | 44 | ​ | ​ | 143 | ​ | ​ | 87 | ​ | ​ | 282
Total operating lease expense (b)(c) | ​ | $ | 3,260 | ​ | $ | 2,282 | ​ | $ | 6,473 | ​ | $ | 4,560
| (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 six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively, and for the six months ended June 30, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.4 million and $0.2 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively.
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Retail and Commercial Leases
2020 | ​ | $ | 11,020
2021 | ​ | ​ | 22,287
2022 | ​ | ​ | 20,370
2023 | ​ | ​ | 18,885
2024 | ​ | ​ | 17,219
Thereafter | ​ | ​ | 80,684
Total future minimum lease payments (a) | ​ | $ | 170,465
(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.
United Dominion Realty L.P. |
Lease |
Lessee - Future minimum lease payments and total operating lease liabilities | Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of June 30, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Ground Leases | ​ | Equipment Leases | ​ | Total
2020 | ​ | $ | 6,220 | ​ | $ | 77 | ​ | $ | 6,297
2021 | ​ | ​ | 12,442 | ​ | ​ | 156 | ​ | ​ | 12,598
2022 | ​ | ​ | 12,442 | ​ | ​ | 160 | ​ | ​ | 12,602
2023 | ​ | ​ | 12,442 | ​ | ​ | 163 | ​ | ​ | 12,605
2024 | ​ | ​ | 12,442 | ​ | ​ | 167 | ​ | ​ | 12,609
Thereafter | ​ | ​ | 455,221 | ​ | ​ | 852 | ​ | ​ | 456,073
Total future minimum lease payments (undiscounted) | ​ | ​ | 511,209 | ​ | ​ | 1,575 | ​ | ​ | 512,784
Difference between future undiscounted cash flows and discounted cash flows | ​ | ​ | (314,117) | ​ | ​ | (193) | ​ | ​ | (314,310)
Total operating lease liabilities (discounted) | ​ | $ | 197,092 | ​ | $ | 1,382 | ​ | $ | 198,474
Lessee - components of operating lease expenses | The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
Ground lease expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contractual ground lease rent expense | ​ | $ | 3,216 | ​ | $ | 2,139 | ​ | $ | 6,386 | ​ | $ | 4,278
Variable ground lease expense (a) | ​ | ​ | 44 | ​ | ​ | 143 | ​ | ​ | 87 | ​ | ​ | 282
Total ground lease expense (b) | ​ | ​ | 3,260 | ​ | ​ | 2,282 | ​ | ​ | 6,473 | ​ | ​ | 4,560
Contractual equipment lease expense (b) | ​ | ​ | 38 | ​ | ​ | - | ​ | ​ | 74 | ​ | ​ | -
Total operating lease expense (c) | ​ | $ | 3,298 | ​ | $ | 2,282 | ​ | $ | 6,547 | ​ | $ | 4,560
| (a) | Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee.
| (b) | Ground lease and equipment lease expense are reported within the line item Other operating expenses on the Consolidated Statements of Operations.
| (c) | For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. Due to the net impact of the amortization, the Operating Partnership recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively.
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Retail and Commercial Leases
2020 | ​ | $ | 3,607
2021 | ​ | ​ | 7,142
2022 | ​ | ​ | 6,471
2023 | ​ | ​ | 6,142
2024 | ​ | ​ | 5,462
Thereafter | ​ | ​ | 13,951
Total future minimum lease payments (a) | ​ | $ | 42,775
| (a) | We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months of 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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