Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Lease Costs and Other Information

The following table presents lease cost and other information for the quarter ended March 31, 2019 (in millions): 

	Quarter ended March 31, 2019
Lease cost
Operating lease cost	$	12
Variable lease cost		9
Total lease cost	$	21
Other information
Operating cash flows used for operating leases	$	12
Weighted-average remaining lease term - operating leases	45 years
Weighted-average discount rate - operating leases		5.4	%

Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability in Statement of Financial Position

The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability in the statement of financial position for the quarter ended March 31, 2019 (in millions): 

	Quarter ended March 31, 2019
	Ground Leases			Office Leases and Other			Total
Weighted-average discount rate - operating leases		5.4	%		4.0	%		5.4	%
April 1, 2019 - December 31, 2019	$	28		$	6		$	34
2020		37			7			44
2021		37			6			43
2022		37			3			40
2023		37			—			37
Thereafter		1,513			—			1,513
Total undiscounted cash flows	$	1,689		$	22		$	1,711
Present values
Long-term lease liabilities	$	604		$	21		$	625
Total lease liabilities	$	604		$	21		$	625
Difference between undiscounted cash flows and discounted cash flows	$	1,085		$	1		$	1,086

Future Minimum Annual Rental Commitments, Excluding Renewal Period, Required Under Non-Cancelable Operating Leases in Accordance with ASC 840

The following table presents the future minimum annual rental commitments, excluding renewal periods, as of December 31, 2018, for which we are the lessee, required under non-cancelable operating leases in accordance with ASC 840, under which we report prior to January 1, 2019 (in millions):

	As of December 31, 2018
2019	$	46
2020		44
2021		43
2022		40
2023		37
Thereafter		1,309
Total minimum lease payments	$	1,519