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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases |
6. | Leases
Lessee The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2070. The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2029. Certain of the lease agreements include variable payments for reimbursement of common area expenses. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBR”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on the Company’s outstanding public debt, as well as comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground and office leases; however, these options were not considered as part of the lease term when calculating the lease liability, as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands):
|  | Classification |  | September 30, 2019 |
Operating Lease ROU Assets |  | Other Assets, Net |  | $ | 21,628 |
Operating Lease Liabilities |  | Accounts Payable and Other Liabilities |  | $ | 40,518 |
Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative for its office leases are as follows (in thousands):
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
Classification |  |  |  | September 30, 2019 |  |  | September 30, 2019 |
Operating and Maintenance |  |  |  | $ | 788 |  |  | $ | 2,822 |
General and Administrative(A) |  |  |  |  | 852 |  |  |  | 2,065 |
Total lease costs |  |  |  | $ | 1,640 |  |  | $ | 4,887 |
(A) | Includes short-term leases and variable lease costs, which are immaterial.
Supplemental balance sheet information related to leases was as follows:
|  | September 30, 2019 |
Weighted-Average Remaining Lease Term |  | 35.7 years |
Weighted-Average Discount Rate |  |  | 7.3 | %
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) |  | $ | 2,394 |
As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases, the scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and the scheduled minimum rental payments under the terms of all non-cancelable operating leases, principally ground leases, in which the Company was the lessee as of December 31, 2018, were as follows (in thousands):
Year |  | Minimum Rental Revenues |  |  | Minimum Rental Payments |
2019 |  | $ | 306,740 |  |  | $ | 3,253 |
2020 |  |  | 279,374 |  |  |  | 4,070 |
2021 |  |  | 243,379 |  |  |  | 4,080 |
2022 |  |  | 202,371 |  |  |  | 3,928 |
2023 |  |  | 150,909 |  |  |  | 3,417 |
Thereafter |  |  | 417,296 |  |  |  | 120,825 |
|  | $ | 1,600,069 |  |  | $ | 139,573 |
As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending September 30, (in thousands):
Year |  | September 30, |
2020 |  | $ | 4,137 |
2021 |  |  | 4,150 |
2022 |  |  | 4,114 |
2023 |  |  | 3,542 |
2024 |  |  | 3,516 |
Thereafter |  |  | 118,216 |
Total lease payments |  |  | 137,675 |
Less imputed interest |  |  | (97,157 | )
Total |  | $ | 40,518 |
Lessor Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions as determined under Topic 842 for such premises for the 12-month periods ending September 30, were as follows (in thousands):
Year Ending |  | September 30, |
2020 |  | $ | 315,868 |
2021 |  |  | 288,171 |
2022 |  |  | 249,158 |
2023 |  |  | 199,433 |
2024 |  |  | 152,146 |
Thereafter |  |  | 441,305 |
Total |  | $ | 1,646,081 |

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- Definition The entire disclosure surrounding leases. + References No definition available. + Details
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- References No definition available. + Details
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