Quarterly report pursuant to Section 13 or 15(d)

VEREIT Office Assets, Leases (Tables)

v3.21.2
VEREIT Office Assets, Leases (Tables) - VEREIT Office Assets
 9 Months Ended
Sep. 30, 2021
Entity Information [Line Items]  
Schedule of Lease Income
The components of rental revenue from VEREIT Office Assets’ operating leases were as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Fixed:
Cash rent $ 32,431  $ 32,840  $ 96,855  $ 100,181 
Straight-line rent (165) (272) (1,624) (309)
Lease intangible amortization
 70  (31) (12) (35)
Property operating cost reimbursements
 1,004  996  2,925  2,848 
Total fixed
 33,340  33,533  98,144  102,685 
Variable (1)
7,154  8,837  23,245  25,898 
Total rental revenue $ 40,494  $ 42,370  $ 121,389  $ 128,583 
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(1)Includes costs reimbursed related to property operating expenses, common area maintenance and percentage rent.
Schedule of Operating Lease Payments to be Received
The following table presents future minimum operating lease payments due to VEREIT Office Assets over the next five years and thereafter as of September 30, 2021 (in thousands).
Future Minimum
Operating Lease Payments
October 1, 2021 - December 31, 2021 $ 24,188 
2022 109,604 
2023 92,259 
2024 69,414 
2025 35,956 
2026 26,847 
Thereafter 30,409 
Total $ 388,677 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from VEREIT Office Assets over the next five years and thereafter for ground lease obligations as of September 30, 2021 (in thousands).
Future Minimum Lease Payments
October 1, 2021 - December 31, 2021 $ 82 
2022 329 
2023 329 
2024 329 
2025 329 
2026 329 
Thereafter 10,064 
Total 11,791 
Less: imputed interest 6,426 
Total $ 5,365