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Leases (Tables)
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Summary of Lease Income Types Relating to Lease Payments

The following table presents the lease income types relating to lease payments for residential and retail leases for the six months and quarter ended June 30, 2019 (amounts in thousands):

 

 

 

Six Months Ended June 30, 2019

 

 

Quarter Ended June 30, 2019

 

Lease Income Type

 

Residential Leases

 

 

Retail Leases

 

 

Total

 

 

Residential Leases

 

 

Retail Leases

 

 

Total

 

Residential and retail rent

 

$

1,190,729

 

 

$

36,163

 

 

$

1,226,892

 

 

$

598,209

 

 

$

17,693

 

 

$

615,902

 

Parking rent

 

 

18,469

 

 

 

159

 

 

 

18,628

 

 

 

9,332

 

 

 

87

 

 

 

9,419

 

Storage rent

 

 

1,856

 

 

 

31

 

 

 

1,887

 

 

 

937

 

 

 

(13

)

 

 

924

 

Pet rent

 

 

5,798

 

 

 

—

 

 

 

5,798

 

 

 

2,911

 

 

 

—

 

 

 

2,911

 

Total lease revenue (1)

 

$

1,216,852

 

 

$

36,353

 

 

$

1,253,205

 

 

$

611,389

 

 

$

17,767

 

 

$

629,156

 

(1)

Excludes other rental income of $78.5 million for the six months ended June 30, 2019 and $40.2 million for the quarter ended June 30, 2019, which is accounted for under the revenue recognition standard.

 
Summary of Right-of-Use Assets and Related Lease Liabilities The following table presents the Company’s ROU assets and related lease liabilities as of June 30, 2019 (amounts in thousands):

 

 

2019

 

Right-of-use assets:

 

 

 

 

Corporate office leases (1)

 

$

15,381

 

Ground leases

 

 

416,372

 

Right-of-use assets

 

$

431,753

 

Lease liabilities:

 

 

 

 

Corporate office leases (1)

 

$

16,879

 

Ground leases

 

 

264,741

 

Lease liabilities

 

$

281,620

 

 

(1)

The Company has two corporate office leases that are considered short-term and therefore, there is no balance sheet impact and both leases continue to be expensed on a straight-line basis throughout the year.
Summary of Quantitative Disclosures for Lessees

The following table illustrates the quantitative disclosures for lessees as of and for the six months and quarter ended June 30, 2019 (amounts in thousands):

 

 

 

Six Months Ended

June 30, 2019

 

 

Quarter Ended

June 30, 2019

 

Lease cost:

 

 

 

 

 

 

 

 

Operating lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

$

1,818

 

 

$

900

 

Ground leases

 

 

11,100

 

 

 

5,550

 

Short-term lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

 

112

 

 

 

56

 

Ground leases

 

 

—

 

 

 

—

 

Variable lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

 

769

 

 

 

508

 

Ground leases

 

 

1,695

 

 

 

844

 

Total lease cost

 

$

15,494

 

 

$

7,858

 

 
Summary of Quantitative Disclosures for Lessees Operating Lease Liabilities

The following table illustrates the quantitative disclosures for lessees as of and for the six months ended June 30, 2019 (amounts in thousands):

 

 

June 30, 2019

 

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

 

 

 

 

Operating cash flows from operating leases:

 

 

 

 

Corporate office leases

 

$

2,776

 

Ground leases

 

$

8,635

 

ROU assets obtained in exchange for new operating lease liabilities:

 

 

 

 

Corporate office leases

 

$

16,687

 

Ground leases

 

$

422,018

 

Weighted-average remaining lease term – operating leases:

 

 

 

 

Corporate office leases

 

6.4 years

 

Ground leases

 

56.6 years

 

Weighted-average discount rate – operating leases:

 

 

 

 

Corporate office leases

 

 

3.7

%

Ground leases

 

 

5.0

%

 
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts

The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating leases for the next five years and thereafter as of June 30, 2019:

 

(Payments)/Receipts Due by Year (in thousands)

 

 

 

Remaining

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Operating Leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum Rent Payments (a)

 

$

(8,339

)

 

$

(17,208

)

 

$

(17,148

)

 

$

(14,993

)

 

$

(14,843

)

 

$

(15,101

)

 

$

(938,561

)

 

$

(1,026,193

)

Minimum Rent Receipts (b)

 

$

31,779

 

 

$

61,674

 

 

$

57,935

 

 

$

54,099

 

 

$

46,417

 

 

$

39,356

 

 

$

139,599

 

 

$

430,859

 

 

(a)

Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee.

(b)

Minimum basic rent receipts due for various retail space where the Company is the lessor.  Excludes residential leases due to their short-term nature.
Summary of Reconciliation of Lease Liabilities

The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments for the six months ended June 30, 2019 (amounts in thousands):

 

 

 

2019

 

Total minimum rent payments

 

$

1,026,193

 

Less: Lease discount

 

 

744,573

 

Lease liabilities

 

$

281,620