Leases

12 Months Ended

Dec. 31, 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 an ROU asset based on the present value of future lease payments over the noncancellable lease term. As of December 31, 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:


	Year Ended December 31,
Supplemental Statements of Operations Information	2020		2019
Operating lease costs	$	7,058	$	6,838
Short-term lease costs	39		39
Variable lease costs	519		436
Total lease costs	$	7,616	$	7,313

	Year Ended December 31,
Supplemental Statements of Cash Flows Information	2020		2019
Operating cash outflows from operating leases	$	7,066	$	6,954
ROU assets obtained in exchange for operating lease liabilities	$	1,174	$	44,845
ROU assets written off due to lease modifications	$	(1,748)	$	—

Operating Lease Liabilities	As of December 31, 2020
Future minimum operating lease payments:
2021	$	6,261
2022	6,032
2023	5,342
2024	5,249
2025	4,948
Thereafter	25,124
Total future minimum operating lease payments	52,956
Less: imputed interest	(14,357)
Operating lease liabilities	$	38,599

	As of December 31,
Supplemental Balance Sheets Information	2020		2019
Operating lease liabilities(1)(2)	$	38,599	$	44,707
ROU assets(1)(3)	$	34,006	$	39,860

(1)As of December 31, 2020 and 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 Consolidated Balance Sheets.

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

As of December 31, 2020, there were no material leases that have been executed but not yet commenced.