Leases

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 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 June 30,				Six Months Ended June 30,
Supplemental Statements of Operations Information	2021		2020		2021		2020
Operating lease costs	$	1,428	$	1,761	$	3,046	$	3,517
Short-term lease costs	—		9		1		19
Variable lease costs	88		105		203		234
Total lease costs	$	1,516	$	1,875	$	3,250	$	3,770

	Six Months Ended June 30,
Supplemental Statements of Cash Flows Information	2021		2020
Operating cash outflows from operating leases	$	3,137	$	3,527

ROU assets written off due to dispositions and lease modifications	(229)		(1,748)

Operating Lease Liabilities	As of June 30, 2021
Future minimum operating lease payments:
2021 (remaining six months)	$	2,989
2022	5,986
2023	5,296
2024	5,203
2025	4,902
Thereafter	25,071
Total future minimum operating lease payments	49,447
Less: imputed interest	(13,507)
Operating lease liabilities	$	35,940

Supplemental Balance Sheets Information	As of June 30, 2021		As of December 31, 2020
Operating lease liabilities(1)(2)	$	35,940	$	38,599
ROU assets(1)(3)	$	31,416	$	34,006

(1)As of June 30, 2021 and December 31, 2020, the weighted average remaining lease term was 12.7 years and 12.7 years, respectively, and the weighted average discount rate was 4.40% and 4.39%, 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 June 30, 2021, there were no material leases that have been executed but not yet commenced.