XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2022
Leases [Abstract] |
Leases |
1 3. | Leases
We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represents revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and is recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income. The following table sets forth the details of our rental revenue.
| For the Three Months Ended March 31, |
(Amounts in thousands) | 2022 |  |  | 2021 |
Rental revenue: |  |  |  |  |  |  |
Fixed | $ | 154,777 |  |  | $ | 160,629 |
Variable |  | 15,145 |  |  |  | 12,517 |
Total rental revenue | $ | 169,922 |  |  | $ | 173,146 |
The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of March 31, 2022, for the nine-month period from April 1, 2022 through December 31, 2022, and each of the five succeeding years and thereafter commencing January 1, 2023.
(Amounts in thousands) |  |  |
2022 |  | $ | 477,510 |
2023 |  |  | 628,122 |
2024 |  |  | 621,054 |
2025 |  |  | 566,419 |
2026 |  |  | 470,246 |
2027 |  |  | 402,583 |
Thereafter |  |  | 1,957,941 |
Total |  | $ | 5,123,875 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration