Lease Commitments Lease Commitments
|6 Months Ended|
Jun. 30, 2019
The Company has ground leases and an administrative office lease, both of which are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of June 30, 2019, the weighted average remaining lease term of our leases is 35 years. The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands):
(1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051.
(2) Includes $31 thousand and $61 thousand in variable percentage rent, during the three and six months ended June 30, 2019, respectively. Includes $29 thousand and $53 thousand in variable percentage rent, during the three and six months ended June 30, 2018, respectively.
Supplemental information related to leases is as follows (in thousands, unaudited):
Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of June 30, 2019 and a reconciliation of those cash flows to the operating lease liabilities at June 30, 2019 are as follows (in thousands, unaudited):
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef