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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating leases for the year ended December 31, 2019:
Classification | Fixed |  | Variable(1) |  | Total
Rental revenue | $ | 291,892 |  |  | $ | 28,730 |  |  | $ | 320,622 |
(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 December 31, 2019 were as follows:
2020 | $ | 269,701 |
2021 | 258,937 |
2022 | 245,527 |
2023 | 242,009 |
2024 | 210,765 |
Thereafter | 1,399,068 |
Total | $ | 2,626,007 |
The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably assured. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. 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 as of December 31, 2019 is as follows:
Weighted-average remaining lease term |
Operating leases (years) | 12.3 |
Weighted-average discount rate |
Operating leases | 4.1 | %
Lease, Cost | The components of lease expense for the year ended December 31, 2019 were as follows:
Income Statement Classification |  | Fixed |  | Variable |  | Total
Property operating |  | $ | 3,982 |  |  | $ | — |  |  | $ | 3,982 |
General and administrative |  | 1,343 |  |  | 112 |  |  | 1,455 |
Total |  | $ | 5,325 |  |  | $ | 112 |  |  | $ | 5,437 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2019:
|  | Operating Leases
2020 |  | $ | 5,236 |
2021 |  | 5,060 |
2022 |  | 5,135 |
2023 |  | 5,279 |
2024 |  | 5,301 |
Thereafter |  | 25,621 |
Total lease payments |  | $ | 51,632 |
Less: Imputed interest |  | (12,190 | )
Present value of lease liabilities |  | $ | 39,442 |
Future Minimum Rental Payments | 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 future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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