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Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases

Schedule of components of lease revenues

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

June 30,

​

June 30,

​

2020

2019

2020

2019

Fixed lease revenues

​

$

17,914

​

$

17,435

​

$

35,981

​

$

35,080

Variable lease revenues

​

​

2,763

​

​

3,029

​

​

5,746

​

​

6,285

Lease revenues (a)

​

$

20,677

​

$

20,464

​

$

41,727

​

$

41,365

(a) Excludes $184, $255, $373 and $509 of amortization related to lease intangible assets and liabilities for the three months and six months ended June 30, 2020 and 2019, respectively.

Schedule of minimum future contractual rents to be received

As of June 30, 2020, the minimum future contractual base rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual base rents do not include (i) straight-line rent or amortization of intangibles, (ii) variable lease revenues as described above and (iii) the minimum future contractual base rent of a property in Knoxville, Tennessee which the Company sold on July 1, 2020 (see Note 5).

​

​	​	​	​
From July 1 – December 31, 2020	​	$	35,704
For the year ended December 31,	​	​	​
2021	​	​	73,348
2022	​	​	62,754
2023	​	​	54,055
2024	​	​	45,432
2025	​	​	41,082
Thereafter	​	​	158,782
Total	​	$	471,157

Schedule of minimum future lease payments

As of June 30, 2020, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):

​

​	​	​	​
From July 1 – December 31, 2020	​	$	255
For the year ended December 31,	​	​	​
2021	​	​	511
2022	​		506
2023	​		507
2024	​		557
2025	​		626
Thereafter	​		3,115
Total undiscounted cash flows	​	$	6,077
Present value discount	​		(1,418)
Lease liability	​	$	4,659

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- References

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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=77888426&loc=SL77918701-209980

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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=119202524&loc=SL77919396-209981

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Tabular disclosure of components of income from operating lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919372-209981

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 6A
-URI http://asc.fasb.org/extlink&oid=118952077&loc=SL77927221-108306

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