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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Schedule of Future Minimum Base Rents to be Received | The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2021:
| As of March 31, 2021
2021 | $ | 284,016 |
2022 | 378,130 |
2023 | 363,061 |
2024 | 320,060 |
2025 | 276,935 |
Thereafter | 1,217,708 |
Total | $ | 2,839,910 |
Schedule of Lease, Cost | The following table sets forth the weighted-average for the lease term and the discount rate as of March 31, 2021:
Lease Term and Discount Rate | As of March 31, 2021
Weighted-average remaining lease term in years. | 74.2
Weighted-average discount rate (1) | 4.82%
(1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Schedule of Remaining Required Payments Under Ground Leases | Maturities of lease liabilities as of March 31, 2021 were as follows:
| As of March 31, 2021
| Operating |  | Financing
2021 | $ | 1,265 |  |  | $ | 345 |
2022 | 1,730 |  |  | 350 |
2023 | 1,795 |  |  | 355 |
2024 | 1,830 |  |  | 360 |
2025 | 1,782 |  |  | 370 |
2026 | 1,716 |  |  | 375 |
Thereafter | 284,449 |  |  | 3,820 |
Total undiscounted lease payments | 294,567 |  |  | 5,975 |
Less: imputed interest | (247,824) |  |  | (2,286) |
Total lease liabilities | $ | 46,743 |  |  | $ | 3,689 |

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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=121609121&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=121609121&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=121576215&loc=SL77919396-209981 + Details
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