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Lease Accounting (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating leases for the nine months ended September 30, 2019:
Classification | Fixed |  | Variable(1) |  | Total
Rental revenue | $ | 218,808 |  |  | $ | 20,250 |  |  | $ | 239,058 |
(1) Primarily comprised of tenant reimbursements.
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of September 30, 2019 were as follows:
2019 - remainder | $ | 66,925 |
2020 | 260,932 |
2021 | 249,047 |
2022 | 233,729 |
2023 | 229,641 |
2024 | 198,098 |
Thereafter | 1,318,432 |
Total | $ | 2,556,804 |
Minimum future lease payments under the non-cancellable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter in accordance with ASC Topic 840 as of December 31, 2018 were as follows:
Year ending December 31, |  | Total
2019 |  | $ | 270,557 |
2020 |  | 253,660 |
2021 |  | 233,192 |
2022 |  | 212,893 |
2023 |  | 211,387 |
Thereafter |  | 1,619,848 |
|  | $ | 2,801,537 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
Weighted-average remaining lease term |
Operating leases (years) | 12.4 |
Weighted-average discount rate |
Operating leases | 4.1 | %
Lease, Cost | The components of lease expense for the nine months ended September 30, 2019 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
Property operating | $ | 2,988 |  |  | $ | — |  |  | $ | 2,988 |
General and administrative | 1,007 |  |  | 85 |  |  | 1,092 |
Total | $ | 3,995 |  |  | $ | 85 |  |  | $ | 4,080 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2019:
|  | Operating Leases
2019 - remainder |  | $ | 1,240 |
2020 |  | 5,236 |
2021 |  | 5,060 |
2022 |  | 5,134 |
2023 |  | 5,279 |
2024 |  | 5,301 |
Thereafter |  | 25,622 |
Total lease payments |  | $ | 52,872 |
Less: Imputed interest |  | (12,597 | )
Present value of lease liabilities |  | $ | 40,275 |
The following table shows the Company's future minimum lease rental payments under non-cancellable leasehold interests in accordance with ASC Topic 840 as of December 31, 2018:
Year ending December 31, |  | Total
2019 |  | $ | 3,826 |
2020 |  | 3,827 |
2021 |  | 3,769 |
2022 |  | 3,834 |
2023 |  | 4,008 |
Thereafter |  | 28,326 |
|  | $ | 47,590 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919396-209981 + Details
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