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LEASES (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Fixed lease revenues	$	17,435	$	17,914	$	34,900	$	35,981
Variable lease revenues		2,662		2,763		5,649		5,746
Lease revenues (a)	$	20,097	$	20,677	$	40,549	$	41,727

(a)

Excludes amortization related to lease intangible assets and liabilities of $208 and $440 for the three and six months ended June 30, 2021, respectively, and $184 and $373 for the three and six months ended June 30, 2020, respectively.

Schedule of minimum future contractual rents to be received

As of June 30, 2021, 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, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020 and (iii) variable lease payments as described above.


From July 1 – December 31, 2021	$	34,334
For the year ended December 31,
2022		64,557
2023		58,286
2024		49,790
2025		45,615
2026		41,684
Thereafter		143,347
Total	$	437,613

Schedule of minimum future lease payments

As of June 30, 2021, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):


From July 1 – December 31, 2021	$	255
For the year ended December 31,
2022		506
2023		507
2024		557
2025		626
2026		627
Thereafter		6,220
Total undiscounted cash flows	$	9,298
Present value discount		(1,944)
Lease liability	$	7,354