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Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases, Capital [Abstract]  
Schedule of Company's Lease Income The following table summarizes the Company’s lease income:
 
Three Months Ended
March 31,
 
2019
 
2018
Operating lease income
$
294,222

 
$
316,752

Interest income on direct financing leases
13,524

 
13,266

Schedule of Components of Net Investment in DFLs Net investment in DFLs consists of the following (dollars in thousands):
 
March 31,
2019
Present value of minimum lease payments receivable
$
273,629

Present value of estimated residual value
114,364

Less deferred selling profits
(24,598
)
Net investment in direct financing leases
$
363,395

Properties subject to direct financing leases
15


 
December 31,
2018
Minimum lease payments receivable
$
1,013,976

Estimated residual value
507,484

Less unearned income
(807,642
)
Net investment in direct financing leases
$
713,818

Properties subject to direct financing leases
29

Schedule of Future Minimum Lease Payments Contractually Due Under DFLs The following table summarizes future minimum lease payments contractually due under DFLs at March 31, 2019 (in thousands):
Year
    
Amount
2019 (nine months)
 
$
29,365

2020
 
32,558

2021
 
31,989

2022
 
25,346

2023
 
24,774

Thereafter
 
416,286

Undiscounted minimum lease payments receivable
 
560,318

Less: imputed interest
 
(286,689
)
Present value of minimum lease payments receivable
 
$
273,629

The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands):
Year
 
Amount
2019
 
$
114,970

2020
 
63,308

2021
 
63,687

2022
 
58,135

2023
 
58,570

Thereafter
 
655,306

 
 
$
1,013,976

Summary of the Company's Internal Ratings for DFLs The following table summarizes the Company’s internal ratings for DFLs at March 31, 2019 (dollars in thousands):
 
 
Carrying
Amount
 
Percentage of
DFL Portfolio
 
Internal Ratings
Segment
 
 
 
Performing DFLs
 
Watch List DFLs
 
Workout DFLs
Senior housing triple-net
 
$
278,791

 
77
 
$
278,791

 
$

 
$

Other non-reportable segments
 
84,604

 
23
 
84,604

 

 

 
 
$
363,395

 
100
 
$
363,395

 
$

 
$

The following table summarizes the Company’s internal ratings for loans receivable at March 31, 2019 (dollars in thousands):
 
 
Carrying
Amount
 
Percentage of
Loan Portfolio
 
Internal Ratings
Investment Type
 
 
 
Performing Loans
 
Watch List Loans
 
Workout Loans
Real estate secured
 
$
65,635

 
76
 
$
65,635

 
$

 
$

Other secured
 
20,504

 
24
 
20,504

 

 


 
$
86,139

 
100
 
$
86,139

 
$

 
$

Schedule of Future Minimum Lease Payments Due Under Operating Leases The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of March 31, 2019 (in thousands):
Year
 
Amount
2019 (nine months)
 
$
733,816

2020
 
952,756

2021
 
884,923

2022
 
782,066

2023
 
703,054

Thereafter
 
2,505,848

 
 
$
6,562,463

The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands):
Year
    
Amount
2019
 
$
971,417

2020
 
928,102

2021
 
853,451

2022
 
751,972

2023
 
675,537

Thereafter
 
2,320,847

 
 
$
6,501,326

Schedule of Other Lease Information The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands):
 
 
Three Months Ended
March 31,
Lease Expense Information:
 
2019
 
2018
Total lease expense(1)
 
$
4,803

 
$
5,024

_______________________________________
(1)
Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations.
 
 
Three Months Ended
March 31,
Supplemental Cash Flow Information:
 
2019
 
2018
Cash paid for amounts included in the measurement of lease liability:
 
 
 
 
Operating cash flows for operating leases
 
$
3,963

 
$
4,253

 
 
 
 
 
ROU asset obtained in exchange for new lease liability:
 
 
 
 
Operating leases
 
$
880

 
$


Weighted Average Lease Term and Discount Rate:
 
March 31,
2019
Weighted average remaining lease term (years):
 
 
Operating leases
 
52

 
 
 
Weighted average discount rate:
 
 
Operating leases
 
4.36
%
Schedule of Future Minimum Lease Obligations The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of March 31, 2019 (in thousands):
Year
    
Amount
2019 (nine months)
 
$
5,937

2020
 
7,816

2021
 
7,888

2022
 
8,028

2023
 
8,198

Thereafter
 
471,083

Undiscounted minimum lease payments payable
 
508,950

Less: imputed interest
 
(356,113
)
Present value of lease liability
 
$
152,837

The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands):
Year
 
Amount
2019
 
$
5,597

2020
 
5,687

2021
 
5,776

2022
 
5,862

2023
 
5,983

Thereafter
 
466,130

 
 
$
495,035