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LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of components of lease revenues

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Fixed lease revenues	$	17,602	$	17,953	$	52,502	$	53,935
Variable lease revenues		2,581		2,935		8,230		8,680
Lease revenues (a)	$	20,183	$	20,888	$	60,732	$	62,615

(a)	Excludes amortization related to lease intangible assets and liabilities of $166 and $606 for the three and nine months ended September 30, 2021, respectively, and $183 and $556 for the three and nine months ended September 30, 2020, respectively.

Schedule of minimum future contractual rents to be received

As of September 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 October 1 – December 31, 2021	$	17,590
For the year ending December 31,
2022		66,237
2023		60,402
2024		52,268
2025		47,809
2026		43,755
Thereafter		146,220
Total	$	434,281

Schedule of minimum future lease payments

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


From October 1 – December 31, 2021	$	128
For the year ending December 31,
2022		506
2023		507
2024		557
2025		626
2026		627
Thereafter		6,220
Total undiscounted cash flows	$	9,171
Present value discount		(1,888)
Lease liability	$	7,283