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Leases (Tables)
 9 Months Ended
Sep. 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 nine months and quarter ended September 30, 2019 (amounts in thousands):

 

 

 

Nine Months Ended September 30, 2019

 

 

Quarter Ended September 30, 2019

 

Lease Income Type

 

Residential Leases

 

 

Retail Leases

 

 

Total

 

 

Residential Leases

 

 

Retail Leases

 

 

Total

 

Residential and retail rent

 

$

1,801,749

 

 

$

54,616

 

 

$

1,856,365

 

 

$

611,020

 

 

$

18,453

 

 

$

629,473

 

Parking rent

 

 

27,874

 

 

 

259

 

 

 

28,133

 

 

 

9,405

 

 

 

100

 

 

 

9,505

 

Storage rent

 

 

2,796

 

 

 

51

 

 

 

2,847

 

 

 

940

 

 

 

20

 

 

 

960

 

Pet rent

 

 

8,714

 

 

 

—

 

 

 

8,714

 

 

 

2,916

 

 

 

—

 

 

 

2,916

 

Total lease revenue (1)

 

$

1,841,133

 

 

$

54,926

 

 

$

1,896,059

 

 

$

624,281

 

 

$

18,573

 

 

$

642,854

 

(1)

Excludes other rental income of $120.7 million for the nine months ended September 30, 2019 and $42.2 million for the quarter ended September 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 September 30, 2019 (amounts in thousands):

 

 

2019

 

Right-of-use assets:

 

 

 

 

Corporate office leases

 

$

43,739

 

Ground leases (finance)

 

 

23,201

 

Ground leases (operating)

 

 

414,104

 

Right-of-use assets

 

$

481,044

 

Lease liabilities:

 

 

 

 

Corporate office leases

 

$

45,237

 

Ground leases (finance)

 

 

23,210

 

Ground leases (operating)

 

 

264,865

 

Lease liabilities

 

$

333,312

 

 
Summary of Quantitative Disclosures for Lessees

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

 

 

 

Nine Months Ended

September 30, 2019

 

 

Quarter Ended

September 30, 2019

 

Lease cost:

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

—

 

 

$

—

 

Interest on lease liabilities (capitalized)

 

 

55

 

 

 

55

 

Operating lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

 

2,753

 

 

 

935

 

Ground leases

 

 

16,650

 

 

 

5,550

 

Short-term lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

 

168

 

 

 

56

 

Ground leases

 

 

—

 

 

 

—

 

Variable lease cost:

 

 

 

 

 

 

 

 

Corporate office leases

 

 

1,130

 

 

 

361

 

Ground leases

 

 

2,575

 

 

 

880

 

Total lease cost

 

$

23,331

 

 

$

7,837

 

 
Summary of Quantitative Disclosures for Lessees Operating Lease Liabilities

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

 

 

September 30, 2019

 

Other information:

 

 

 

 

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

 

 

 

 

Investing cash flows from finance leases (capitalized)

 

$

47

 

Operating cash flows from operating leases:

 

 

 

 

Corporate office leases

 

$

4,128

 

Ground leases

 

$

12,035

 

ROU assets obtained in exchange for new finance lease liabilities

 

$

23,201

 

ROU assets obtained in exchange for new operating lease liabilities:

 

 

 

 

Corporate office leases

 

$

45,791

 

Ground leases

 

$

422,018

 

Weighted-average remaining lease term – finance leases

 

19.9 years

 

Weighted-average remaining lease term – operating leases:

 

 

 

 

Corporate office leases

 

19.2 years

 

Ground leases

 

56.4 years

 

Weighted-average discount rate – finance leases

 

 

3.0

%

Weighted-average discount rate – operating leases:

 

 

 

 

Corporate office leases

 

 

3.2

%

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 and financing leases for the next five years and thereafter as of September 30, 2019:

 

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

 

 

 

Remaining

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Finance Leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum Rent Payments (a)

 

$

(141

)

 

$

(567

)

 

$

(578

)

 

$

(590

)

 

$

(601

)

 

$

(614

)

 

$

(33,850

)

 

$

(36,941

)

Operating Leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum Rent Payments (a)

 

$

(4,175

)

 

$

(16,840

)

 

$

(16,862

)

 

$

(16,602

)

 

$

(16,687

)

 

$

(17,014

)

 

$

(977,238

)

 

$

(1,065,418

)

Minimum Rent Receipts (b)

 

$

16,194

 

 

$

63,409

 

 

$

60,140

 

 

$

56,624

 

 

$

49,150

 

 

$

41,950

 

 

$

149,208

 

 

$

436,675

 

 

(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 as of September 30, 2019 (amounts in thousands):

 

 

 

2019

 

Total minimum rent payments

 

$

1,102,359

 

Less: Lease discount

 

 

769,047

 

Lease liabilities

 

$

333,312