Leases (Tables)

9 Months Ended

Sep. 30, 2019

Lessor - Operating Lease, Payments to be Received, Maturity

Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of September 30, 2019, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):



Year	Amount
Remaining 2019	$	95,874
2020	370,508
2021	328,050
2022	287,573
2023	237,614
2024 and thereafter	670,195
Total	$	1,989,814

Schedule of Capital Leased Assets

Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of September 30, 2019 (in thousands):



	September 30, 2019
Assets
Investment in Real Estate:
ROU asset - operating leases	$	4,707
Less: accumulated amortization	(318		)
Total in Investment in Real Estate	4,389
Other Assets:
ROU asset - operating leases	2,540
ROU asset - finance leases	705
Less: accumulated amortization	(865		)
Total in Other Assets	2,380
Total ROU lease assets⁽¹⁾	$	6,769

Liabilities
Accounts Payable and Other Liabilities:
Operating lease liability	$	6,489
Debt Obligations, Net:
Finance lease liability	517
Total lease liabilities⁽¹⁾	$	7,006


⁽¹⁾	As of September 30, 2019, the weighted average remaining lease term was approximately 2.2 years for finance leases and 18.8 years for operating leases. The weighted average discount rate was 3.5% for finance leases and 4.1% for operating leases.

Schedule of Right-of-Use Lease Cost and Amortization

Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands):



	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Statements of operations information:
Finance lease cost:
Amortization of ROU assets	$	71	$	199
Interest on lease liabilities	5		14
Operating lease costs	434		1,231
Short term lease expense	327		1,094

Schedule of Cash Flow, Leases

Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands):



	Nine Months Ended
	September 30, 2019
Statements of cash flows information:
Operating cash flows used for operating leases	$	(921	)
Financing cash flows used for finance leases	(187		)

Lessee, Operating Lease Liability, Maturity

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, as of September 30, 2019, are as follows (in thousands):



	Undiscounted
	Operating		Finance
Remaining 2019	$	372	$	74
2020	1,174		295
2021	723		98
2022	684		26
2023	529		20
Thereafter	6,419		15
Total undiscounted cash flows from leases	9,901		528
Total lease liabilities recorded at present value	6,489		517
Difference between undiscounted cash flows and present value of lease liabilities	$	3,412	$	11

Lessee, Finance Lease, Liability, Maturity

Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, as of September 30, 2019, are as follows (in thousands):



	Undiscounted
	Operating		Finance
Remaining 2019	$	372	$	74
2020	1,174		295
2021	723		98
2022	684		26
2023	529		20
Thereafter	6,419		15
Total undiscounted cash flows from leases	9,901		528
Total lease liabilities recorded at present value	6,489		517
Difference between undiscounted cash flows and present value of lease liabilities	$	3,412	$	11