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LEASES (Tables)

12 Months Ended

Dec. 31, 2019

LEASES

Schedule of components of lease revenues

NOTE 3—LEASES (Continued)

The components of lease revenues are as follows (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2019			2018			2017
Fixed lease revenues	​	$	70,788	​	$	65,042		$	63,425
Variable lease revenues	​		12,084	​		11,863	​		11,594
Lease revenues (a)		$	82,872	​	$	76,905	​	$	75,019

(a) Excludes $914, $1,849 and $897 of amortization related to lease intangible assets and liabilities for 2019, 2018, and 2017, respectively.

Schedule of minimum future contractual rents to be received under ASC 842

As of December 31, 2019, under ASC 842, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles and (ii) variable lease payments as described above.

​

​	​	​	​
For the year ended December 31,		​	​
2020		$	70,252
2021		​	69,586
2022		​	60,988
2023		​	52,217
2024		​	43,585
Thereafter		​	176,622
Total	​	$	473,250

Schedule of minimum future contractual rents to be received on non-cancellable operating leases ASU 840

As of December 31, 2018, under ASC 840, the minimum future contractual rents to be received on non-cancellable operating leases were as follows (amounts in thousands):

​

​	​	​	​
For the year ended December 31,		​	​
2019	​	$	66,959
2020	​		66,691
2021	​		65,130
2022	​		56,444
2023	​		47,644
Thereafter	​		208,923
Total	​	$	511,791

Schedule of minimum future lease payments under ASC 842

As of December 31, 2019, under ASC 842, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):

​

​	​	​	​
For the year ended December 31,		​	​
2020	​	$	510
2021	​		511
2022	​		506
2023	​		507
2024	​		557
Thereafter	​		3,741
Total undiscounted cash flows	​		6,332
Present value discount	​		(1,529)
Lease liability	​	$	4,803

Schedule of minimum future lease payments under ASC 840

As of December 31, 2018, under ASC 840, the minimum future lease payments related to the operating ground and office leases were as follows (amounts in thousands):

​

​	​	​	​
For the year ended December 31,		​	​
2019	​	$	454
2020	​		127
2021	​		47
2022	​		—
2023	​		—
Thereafter	​		—
Total	​	$	628

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