XML 54 R34.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2019

The components of rental revenue from the Company’s operating and direct financing leases were as follows (in thousands):



	Three Months Ended March 31,
	2019			2018
Fixed:
Cash rent	$	282,575		$	280,888
Straight-line rent	7,412			10,965
Lease intangible amortization	(731		)	(1,487		)
Sub-lease ⁽¹⁾	5,489			3,929
Total fixed	$	294,745		$	294,295

Variable⁽²⁾	21,881			20,514
Income from direct financing leases	217			265
Total rental revenue	$	316,843		$	315,074

____________________________________


(1)	The Company’s tenants are generally sub-tenants under certain ground leases and are responsible for paying the rent under these leases.

(2)

Includes costs reimbursed related to property operating expenses, common area maintenance and percentage rent, including these costs reimbursed by ground lease sub-tenants.

Lessor, Operating Lease Payments Receivable

The following table presents future minimum operating lease payments due to the Company over the next five years and thereafter (in thousands). These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes.



	Future Minimum Operating Lease Payments		Future Minimum Direct Financing Lease Payments ⁽¹⁾
April 1, 2019 - December 31, 2019	$	826,040	$	1,821
2020	1,090,167		2,135
2021	1,053,841		2,014
2022	984,204		1,925
2023	902,076		1,541
Thereafter	5,415,482		707
Total	$	10,271,810	$	10,143

____________________________________

(1)

Related to 24 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflect undiscounted cash flows to be received by the Company under the lease agreements on these respective properties.

Lessor, Direct Financing Leases Maturities



	Future Minimum Operating Lease Payments		Future Minimum Direct Financing Lease Payments ⁽¹⁾
April 1, 2019 - December 31, 2019	$	826,040	$	1,821
2020	1,090,167		2,135
2021	1,053,841		2,014
2022	984,204		1,925
2023	902,076		1,541
Thereafter	5,415,482		707
Total	$	10,271,810	$	10,143

____________________________________

(1)

Lease Cost

The following table presents the lease expense components for the three months ended March 31, 2019 (in thousands):



	Three Months Ended March 31, 2019
Operating lease cost ⁽¹⁾	$	6,978
Sublease income ⁽²⁾	$	(5,489	)

___________________________________


(1)	No cash paid for operating lease liabilities was capitalized.

(2)

The Company’s tenants are generally sub-tenants under certain ground leases and are responsible for paying the rent under these leases.

Lessee, Operating Lease Maturities

The following table reflects the future minimum lease payments due from the Company over the next five years and thereafter for ground lease obligations, which are substantially reimbursable by our tenants, and office lease obligations as of March 31, 2019 (in thousands).



	Future Minimum Lease Payments
	March 31, 2019
April 1, 2019 - December 31, 2019	$	16,572
2020	22,963
2021	22,534
2022	22,367
2023	21,106
Thereafter	244,171
Total	349,713
Less: imputed interest	121,593
Total	$	228,120

Lessee, Future Minimum Rental Payments

The following table reflects the future minimum lease payments due from the Company over the five years subsequent to December 31, 2018, as disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (in thousands), which excluded certain ground leases under which the Company's sub-tenants are responsible for paying the rent under these leases directly to the ground lessor.



	Future Minimum Lease Payments
	December 31, 2018
2019	$	18,479
2020	18,191
2021	17,929
2022	18,118
2023	17,772
Thereafter	196,670
Total	$	287,159