Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of June 30, 2019 (in thousands):

	Operating			Finance (1)
July 1, 2019 - December 31, 2019	$	4,872		$	2,494
2020	10,050			121,499
2021	24,953			2,096
2022	18,041			1,632
2023	10,326			1,039
Thereafter	567,232			73,241
Total lease payments	635,474			202,001
Less: interest portion	(436,130		)	(29,099		)
Present value of lease payments	$	199,344		$	172,902

Lease, Cost [Table Text Block]

The following table provides lease cost information for the Company’s operating and finance leases for the three and six months ended June 30, 2019 (in thousands):

	Three months ended June 30, 2019			Six months ended June 30, 2019
Lease costs
Operating lease costs	$	3,656		$	7,333
Finance lease costs
Amortization of right of use asset (1)	$	(14	)	$	2
Interest on lease liabilities (2)	$	12		$	24

_______________

(1) The finance leases relate to either land, buildings or assets that remain in development. The Company’s policy is not to depreciate finance lease assets related to land because it is assumed to have an indefinite life. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy.

(2) Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized.

The following table provides other quantitative information for the Company’s operating and finance leases as of June 30, 2019:

	June 30, 2019
Other information
Weighted-average remaining lease term (in years)
Operating leases	51
Finance leases	5
Weighted-average discount rate
Operating leases	5.7	%
Finance leases	4.1	%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table provides a maturity analysis for the Company’s future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114:

Years Ending December 31,	(in thousands)
2019	$	11,425
2020	18,425
2021	25,310
2022	8,894
2023	9,084
Thereafter	567,232

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

The following table provides a maturity analysis for the Company's future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036:

Years Ending December 31,	(in thousands)
2019	$	1,441
2020	12,682
2021	2,123
2022	1,253
2023	944
Thereafter	73,241
Total expected minimum lease payments	91,684
Interest portion	(27,497		)
Present value of expected net minimum lease payments	$	64,187

Finance Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of June 30, 2019 (in thousands):

	Operating			Finance (1)
July 1, 2019 - December 31, 2019	$	4,872		$	2,494
2020	10,050			121,499
2021	24,953			2,096
2022	18,041			1,632
2023	10,326			1,039
Thereafter	567,232			73,241
Total lease payments	635,474			202,001
Less: interest portion	(436,130		)	(29,099		)
Present value of lease payments	$	199,344		$	172,902

_______________

(1)

Finance lease payments in 2020 and 2024 include approximately $119.8 million and $38.7 million, respectively, related to purchase options that the Company is reasonably certain that it will exercise.

Operating Lease, Lease Income [Table Text Block]

The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2019 included within the Company’s Consolidated Statements of Operations (in thousands):

Lease Revenue	Three months ended June 30, 2019		Six months ended June 30, 2019
Fixed Contractual Payments	$	557,820	$	1,111,806
Variable lease payments	122,369		247,634
	$	680,189	$	1,359,440

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2018, under non-cancelable operating leases which expire on various dates through 2049: 

Years Ending December 31,	(in thousands)
2019	$	2,088,171
2020	2,106,963
2021	2,015,031
2022	1,838,699
2023	1,736,636
Thereafter	12,295,464

The future contractual lease payments to be received (excluding operating expense reimbursements) by the Company as of June 30, 2019, under non-cancelable operating leases which expire on various dates through 2049: 

	(in thousands)
July 1, 2019 - December 31, 2019	$	1,053,967
2020	2,144,485
2021	2,111,755
2022	1,982,534
2023	1,910,896
Thereafter	14,416,019