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Leases
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases

15.  Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of June 30, 2019, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 29 years. As of June 30, 2019, our operating leases were included in ROU assets, accrued and other current liabilities and lease liabilities on our condensed consolidated balance sheets and were $73.4 million, $15.6 million and $60.9 million, respectively. As of June 30, 2019, we had no lease contracts that had not yet commenced but created significant rights and obligations and no agreements had embedded leases.

Lease expense was $4.6 million and $8.9 million during the three and six months ended June 30, 2019, which included operating lease costs related to short-term leases and variable lease costs.

As of June 30, 2019, our weighted-average remaining lease term was 6.3 years and the weighted-average discount rate was 4.08%.

As of June 30, 2019, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt using a single maturity discount rate as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes our undiscounted lease liabilities outstanding as of June 30, 2019:

Remainder of 2019

 

$

9,543

 

2020

 

 

18,541

 

2021

 

 

17,303

 

2022

 

 

15,222

 

2023

 

 

10,268

 

2024 through 2035

 

 

20,790

 

Total future minimum lease payments

 

$

91,667

 

Less: imputed interest

 

 

15,219

 

Total

 

$

76,448