Lease Commitments Lease Commitments
|3 Months Ended|
Mar. 31, 2021
|Lease Commitments||Lease CommitmentsThe Company has ground leases and leases its corporate headquarters; both 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 March 31, 2021 and 2020, the weighted average remaining lease term of our leases is 31 and 35 years, respectively. The following properties are subject to leases which require the Company to make the following fixed annual rental payments and variable lease payments and include escalation clauses and renewal options as follows (in thousands, unaudited):
(1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051.
(2) Includes $31 thousand and $34 thousand in variable percentage rent, during the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and a reconciliation of those cash flows to the operating lease liabilities at March 31, 2021 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