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Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Schedule of components of lease expenses

 

Components of lease expense were as follows (unaudited and in thousands):

 

 

 

 

 

 

 

Three months ended

 

    

March 31, 2019

Operating lease cost

 

$

3,543

Finance lease cost:

 

 

 

Amortization of assets

 

 

386

Interest on lease liabilities

 

 

245

Sublease income

 

 

(46)

Total lease costs

 

$

4,128

 

Schedule of supplemental balance sheet information

Supplemental balance sheet information related to leases was as follows (unaudited and in thousands, except lease term and discount rate):

 

 

 

 

 

 

March 31,

 

    

2019

Operating leases:

 

 

 

Operating lease right-of-use assets

 

$

61,585

Operating lease liabilities

 

 

69,346

Finance leases:

 

 

 

Property and equipment, at cost

 

 

48,233

Accumulated amortization

 

 

(1,477)

Property and equipment, net

 

$

46,756

Finance lease liabilities

 

$

47,196

 

 

 

 

Weighted average remaining lease term (in years):

 

 

 

Operating leases

 

 

14.0

Finance leases

 

 

12.1

 

 

 

 

Weighted average discount rate:

 

 

 

Operating leases

 

 

5.1%

Finance leases

 

 

4.6%

 

Schedule of cash flow information and other information

Supplemental cash flow and other information related to leases was as follows (unaudited and in thousands):

 

 

 

 

 

 

 

Three months ended

 

    

March 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

Operating cash flows from operating leases

 

$

2,523

Operating cash flows from finance leases

 

$

196

Financing cash flows from finance leases

 

$

799

 

Schedule of maturities of operating lease liabilities

Maturities of lease liabilities were as follows (unaudited and in thousands):

 

 

 

 

 

 

 

 

March 31, 2019

 

Operating Leases

    

Finance Leases

2019 (April - December)

$

7,281

 

$

3,561

2020

 

9,605

 

 

4,493

2021

 

9,834

 

 

4,514

2022

 

10,283

 

 

4,639

2023

 

10,409

 

 

4,776

Thereafter

 

57,889

 

 

39,908

Total Lease Payments

$

105,301

 

$

61,891

Less: Imputed Interest

 

35,955

 

 

14,695

Total Lease Obligations

$

69,346

 

$

47,196

 

Schedule of maturities of finance lease liabilities

 

 

 

 

 

 

 

March 31, 2019

 

Operating Leases

    

Finance Leases

2019 (April - December)

$

7,281

 

$

3,561

2020

 

9,605

 

 

4,493

2021

 

9,834

 

 

4,514

2022

 

10,283

 

 

4,639

2023

 

10,409

 

 

4,776

Thereafter

 

57,889

 

 

39,908

Total Lease Payments

$

105,301

 

$

61,891

Less: Imputed Interest

 

35,955

 

 

14,695

Total Lease Obligations

$

69,346

 

$

47,196

 

Schedule of components of lease revenue

The components of the Company’s lease revenue were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

    

2019

    

2018

Lease revenue:

 

 

 

 

 

 

Minimum lease revenue

 

$

98,596

 

$

88,415

Variable lease revenue (recoveries from customers)

 

 

10,793

 

 

11,513

Total lease revenue

 

$

109,389

 

$

99,928