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Lease Accounting (Tables) | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating leases for the three months ended March 31, 2022 and 2021:
|  | Three Months Ended |  |
Classification |  | March 31, 2022 |  | March 31, 2021 |  |  |  |
Fixed |  | $ | 66,982 |  |  | $ | 71,942 |  |  |  |  |
Variable(1)(2) |  | 11,554 |  |  | 19,703 |  |  |  |  |
Total |  | $ | 78,536 |  |  | $ | 91,645 |  |  |  |  |
(1) Primarily comprised of tenant reimbursements. (2) Variable income contains termination income of $10,941 for the three months ended March 31, 2021. No termination fee revenue was recognized during the three months ended March 31, 2022. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's Durham, New Hampshire industrial property.
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of March 31, 2022 were as follows:
Three months ending March 31, 2022 | Total
2022 - remainder | $ | 194,736 |
2023 | 263,513 |
2024 | 233,837 |
2025 | 212,628 |
2026 | 194,096 |
2027 | 158,937 |
Thereafter | 581,264 |
Total | $ | 1,839,011 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Three Months Ended
|  | March 31, 2022 |  | March 31, 2021
Weighted-average remaining lease term |  |  |
Operating leases (years) | 9.5 |  | 11.5
Weighted-average discount rate |  |  |
Operating leases | 4.0 | % |  | 4.1 | %
Lease, Cost | The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2022: |  |  |  |  |
Property operating | $ | 886 |  |  | $ | — |  |  | $ | 886 |
General and administrative | 377 |  |  | 35 |  |  | 412 |
Total | $ | 1,263 |  |  | $ | 35 |  |  | $ | 1,298 |
2021: |  |  |  |  |
Property operating | $ | 912 |  |  | $ | — |  |  | $ | 912 |
General and administrative | 336 |  |  | 33 |  |  | 369 |
Total | $ | 1,248 |  |  | $ | 33 |  |  | $ | 1,281 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2022:
|  | Operating Leases
2022 - remainder |  | $ | 3,706 |
2023 |  | 5,290 |
2024 |  | 5,199 |
2025 |  | 5,204 |
2026 |  | 4,174 |
2027 |  | 3,673 |
Thereafter |  | 7,501 |
Total lease payments |  | $ | 34,747 |
Less: Imputed interest |  | (6,711) |
Present value of operating lease liabilities |  | $ | 28,036 |

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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=123408670&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=123408670&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=124258985&loc=SL77919396-209981 + Details
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