Leases

9 Months Ended

Sep. 30, 2020

Note 4 – Leases

Lessor

The components of rental revenues are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed lease payments	$	99,255	$	149,582	$	335,799	$	460,584
Variable lease payments		24,826		31,034		69,677		96,405
Total rental revenues	$	124,081	$	180,616	$	405,476	$	556,989

The undiscounted future fixed lease payments to be received under the Company's operating leases as of September 30, 2020, are as follows:

Years Ending December 31,	Operating Leases
2020 ⁽¹⁾	$	101,314
2021		387,447
2022		330,263
2023		277,859
2024		226,620
2025		171,312
Thereafter		418,785
Total undiscounted lease payments	$	1,913,600

(1)	Reflects rental payments for the fiscal period October 1, 2020 to December 31, 2020.

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 September 30, 2020. As of September 30, 2020, these leases have a weighted-average remaining lease term of 43.2 years and a weighted-average discount rate of 8.1%.

The components of lease expense are presented below:

	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2019
Lease expense:
Operating lease expense	$	113	$	10	$	352	$	435
Variable lease expense		82		247		198		277
Total lease expense	$	195	$	257	$	550	$	712