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Leases

3 Months Ended

Mar. 31, 2020

Note 4 – Leases

Lessor

The components of rental revenues are as follows:

	Three Months Ended March 31,
	2020		2019
Fixed lease payments	$	137,394	$	159,278
Variable lease payments		23,779		31,702
Total rental revenues	$	161,173	$	190,980

Lessee

The Company has eight ground leases and one office lease in which it is a lessee. The maturities of these leases range from 2021 to 2089 and generally provide for renewal options ranging from five to ten years. We included the renewal options in our lease terms for purposes of calculating our lease liability and ROU asset where we have plans to continue operating our assets under the current terms associated with each ground lease. The ground leases relate to properties where the Company owns the buildings and improvements, but leases the underlying land. The lease payments on the majority of the ground leases are fixed, but in the instances where they are variable they are either based on the CPI index or a percentage of sales. The one office lease is subleased as of March 31, 2020. As of March 31, 2020, these leases have a weighted-average remaining lease term of 42.7 years and a weighted-average discount rate of 8.1%.

The components of lease expense are presented below:

	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Lease expense:
Operating lease expense	$	125	$	218
Variable lease expense		85		32
Total lease expense	$	210	$	250