Leases

9 Months Ended

Sep. 30, 2020

The Company periodically enters into agreements in which it is the lessee, including ground leases for 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 renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes a lease liability and a right-of-use (“ROU”) asset based on the present value of future lease payments over the noncancellable lease term. As of September 30, 2020 the Company is not including any prospective renewal or termination options in its lease liabilities or ROU assets, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay its proportionate share of property operating expenses such as common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
Supplemental Statements of Operations Information	2020		2019		2020		2019
Operating lease costs	$	1,761	$	1,705	$	5,278	$	5,121
Short-term lease costs	10		9		29		29
Variable lease costs	146		80		380		336
Total lease costs	$	1,917	$	1,794	$	5,687	$	5,486

	Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information	2020		2019
Operating cash outflows from operating leases	$	5,286	$	5,226
ROU assets obtained in exchange for operating lease liabilities	$	1,140	$	44,354
ROU assets written off due to lease modifications	$	(1,748)	$	—

Operating Lease Liabilities	As of September 30, 2020
Future minimum operating lease payments:
2020 (remaining three months)	$	1,762
2021	6,257
2022	6,028
2023	5,339
2024	5,246
Thereafter	30,073
Total future minimum operating lease payments	54,705
Less: imputed interest	(14,785)
Operating lease liabilities	$	39,920

Supplemental Balance Sheets Information	As of September 30, 2020		As of December 31, 2019
Operating lease liabilities(1)(2)	$	39,920	$	44,707
ROU assets(1)(3)	$	35,318	$	39,860

(1)As of September 30, 2020 and December 31, 2019, the weighted average remaining lease term was 12.7 years and 10.9 years, respectively, and the weighted average discount rate was 4.39% and 4.30%, respectively.

(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2020, there were no material leases that have been executed but not yet commenced.