The majority of the Company’s revenues are earned through the lease of space at its properties. All of the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's

leases contain penalties for early termination. The Company doesn't have any leases that convey the right for the lessee to purchase the leased asset.

Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.

The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years.

	Year Ended December 31,
	2020		2019		2018
Fixed lease payments	$	459,958	$	607,259	$	684,634
Variable lease payments		94,106		129,619		144,479
Total rental revenues	$	554,064	$	736,878	$	829,113

The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2020, are as follows:

Years Ending December 31,	Operating Leases
2021	$	401,573
2022		344,777
2023		288,775
2024		232,399
2025		175,956
Thereafter		412,502
Total undiscounted lease payments	$	1,855,982

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. The Company included the renewal options in its lease terms for purposes of calculating its lease liability and ROU asset because it has no plans to cease operating its assets 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 office lease is subleased as of December 31, 2020. As of December 31, 2020, these leases have a weighted-average remaining lease term of 42.8 years and a weighted-average discount rate of 8.3%.

The Company's ROU asset and lease liability are presented in the consolidated balance sheets within intangible lease assets and other assets and accounts payable and accrued liabilities, respectively. A summary of the Company's ROU asset and lease liability activity during the year ended December 31, 2020 and 2019 is presented below:

	ROU Asset			Lease Liability
Balance as of January 1, 2019	$	4,160		$	4,074
Cash reduction		(557	)		(557	)
Noncash decrease		201			320
Balance as of January 1, 2020		3,804			3,837
Cash reduction		(373	)		(373	)
Noncash decrease		(128	)		(134	)
Balance as of December 31, 2020	$	3,303		$	3,330

	Year Ended December 31, 2020		Year Ended December 31, 2019
Lease expense:
Operating lease expense	$	462	$	547
Variable lease expense		223		348
Total lease expense	$	685	$	895

The undiscounted future lease payments to be paid under the Company's operating leases as of December 31, 2020, are as follows:

Year Ending December 31,	Operating Leases
2021	$	379
2022		299
2023		284
2024		264
2025		269
Thereafter		11,747
Total undiscounted lease payments		13,242
Less imputed interest		(9,912	)
Lease liability	$	3,330