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LEASES (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, 2021 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Ground Leases
2021 | ​ | $ | 6,221
2022 | ​ | ​ | 12,442
2023 | ​ | ​ | 12,442
2024 | ​ | ​ | 12,442
2025 | ​ | ​ | 12,442
Thereafter | ​ | ​ | 442,778
Total future minimum lease payments (undiscounted) | ​ | ​ | 498,767
Difference between future undiscounted cash flows and discounted cash flows | ​ | ​ | (304,709)
Total operating lease liabilities (discounted) | ​ | $ | 194,058
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,
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
Lease expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contractual lease expense | ​ | $ | 3,230 | ​ | $ | 3,216 | ​ | $ | 6,460 | ​ | $ | 6,386
Variable lease expense (a) | ​ | ​ | 27 | ​ | ​ | 44 | ​ | ​ | 56 | ​ | ​ | 87
Total operating lease expense (b)(c) | ​ | $ | 3,257 | ​ | $ | 3,260 | ​ | $ | 6,516 | ​ | $ | 6,473
| (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, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. 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. 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, 2021 and 2020, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2021 and 2020, respectively.
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of June 30, 2021 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Retail and Commercial Leases
2021 | ​ | $ | 12,256
2022 | ​ | ​ | 24,675
2023 | ​ | ​ | 22,817
2024 | ​ | ​ | 20,469
2025 | ​ | ​ | 17,042
Thereafter | ​ | ​ | 73,038
Total future minimum lease payments (a) | ​ | $ | 170,297
(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=121609121&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=121609121&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=121576215&loc=SL77919396-209981 + Details
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