Leases (Tables)

12 Months Ended

Dec. 31, 2019

The components of lease expense were as follows for the period presented (in thousands):



	Classification	Year Ended December 31, 2019
Operating lease cost: ⁽¹⁾
Real estate lease expense	Property operating expenses	$	25,166
Non-real estate investment lease expense	General and administrative expenses	1,654
Finance lease cost:
Amortization of leased assets	Property operating expenses	7,795
Interest on lease liabilities	Interest expense	4,748
Sublease income	Rental income	(4,173		)
Total		$	35,190

⁽¹⁾ Includes short-term leases which are immaterial

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities as of December 31, 2019 are as follows (in thousands):



	Operating Leases			Finance Leases
2020	$	23,356		$	9,121
2021	23,322			8,786
2022	22,147			8,149
2023	22,117			69,182
2024	21,294			1,419
Thereafter	1,073,396			89,678
Total lease payments	1,185,632			186,335
Less: Imputed interest	(820,829		)	(77,445		)
Total present value of lease liabilities	$	364,803		$	108,890

Maturities of Lease Liabilities, Finance Leases

Maturities of lease liabilities as of December 31, 2019 are as follows (in thousands):



	Operating Leases			Finance Leases
2020	$	23,356		$	9,121
2021	23,322			8,786
2022	22,147			8,149
2023	22,117			69,182
2024	21,294			1,419
Thereafter	1,073,396			89,678
Total lease payments	1,185,632			186,335
Less: Imputed interest	(820,829		)	(77,445		)
Total present value of lease liabilities	$	364,803		$	108,890

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows as of December 31, 2019 (in thousands, except lease terms and discount rate):



	Classification	December 31, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	374,217
Finance leases - real estate	Right of use assets, net	162,216
Real estate right of use assets, net		536,433
Operating leases - non-real estate investments	Receivables and other assets	12,474
Total right of use assets, net		$	548,907

Lease liabilities:
Operating leases		$	364,803
Financing leases		108,890
Total lease liabilities		$	473,693

Weighted average remaining lease term (years):
Operating leases		46.0
Finance leases		15.9

Weighted average discount rate:
Operating leases		5.00		%
Finance leases		5.18		%

Undiscounted Cash Flows for Future Minimum Lease Payments Receivable

The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2019 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):



2020	$	1,430,978
2021	1,384,721
2022	1,346,917
2023	1,302,601
2024	1,265,988
Thereafter	9,026,163
Totals	$	15,757,368