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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for neighborhood and community shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing extension options for up to an additional 100 years. As of March 31, 2019 the Company is not including any options to extend or termination rights in its ROU asset. Upon lease execution, the Company measures a liability for the present value of future lease payments over the noncancellable period of the lease. Certain agreements require the Company to pay its portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. The following table presents additional information pertaining to the Company’s operating leases:
|  | Three Months Ended March 31, 2019
Supplemental Statements of Operations Information |
Operating lease costs |  | $ | 1,711 |
Short-term lease costs |  | 10 |
Variable lease costs |  | 142 |
Total lease costs |  | $ | 1,863 |
|  | Three Months Ended March 31, 2019
Supplemental Statements of Cash Flows Information |
Operating cash outflows from operating leases |  | $ | 1,797 |
ROU assets obtained in exchange for operating lease liabilities |  | $ | 44,324 |
Operating Lease Liabilities |  | As of March 31, 2019
Future minimum operating lease payments: |  |
2019 (remaining nine months) |  | $ | 5,180 |
2020 |  | 6,924 |
2021 |  | 6,964 |
2022 |  | 7,022 |
2023 |  | 5,635 |
Thereafter |  | 30,912 |
Total future minimum operating lease payments |  | 62,637 |
Less: imputed interest |  | (14,441 | )
Operating lease liabilities |  | $ | 48,196 |
Supplemental Balance Sheets Information |  | As of March 31, 2019
Operating lease liabilities(1)(2)(3) |  | $ | 48,196 |
ROU assets(1)(2)(4) |  | $ | 43,146 |
(1) | As of March 31, 2019, the weighted average remaining lease term was 11.3 years.
(2) | As of March 31, 2019, the weighted average discount rate was 4.30%.
(3) | These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
(4) | These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.
As of March 31, 2019, there were no material leases that have been executed but not yet commenced. Minimum Annual Rental Commitments As Presented Under ASC 840 Minimum annual rental commitments as of and in-place at December 31, 2018 for the Company's ground and office leases during the next five years and thereafter are as follows:
Year ending December 31, |  |
2019 |  | $ | 6,929 |
2020 |  | 6,948 |
2021 |  | 7,157 |
2022 |  | 7,233 |
2023 |  | 5,827 |
Thereafter |  | 43,876 |
Total minimum annual rental commitments |  | $ | 77,970 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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