The Company is the lessor for its residential and retail leases (including commercial leases) and these leases will continue to be accounted for as operating leases under the new standard as described in Note 2. Therefore, the Company did not have significant changes in the accounting for its lease revenues.

For the year ended December 31, 2019, approximately 97% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as RUBS income, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis.

For the year ended December 31, 2019, approximately 3% of the Company’s total lease revenue is generated by retail leases that are generally for terms ranging between five to ten years. The retail leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The retail leases may include lease income related to such items as RUBS income, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Retail leases are renewable with market-based renewal options.

The Company elected the practical expedient to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the leases standard.

The following table presents the lease income types relating to lease payments for residential and retail leases for the year ended December 31, 2019 (amounts in thousands):

	Year Ended December 31, 2019
Lease Income Type	Residential Leases		Retail Leases		Total
Residential and retail rent	$	2,414,201	$	71,988	$	2,486,189
Utility recoveries (RUBS income) (1)		67,659		917		68,576
Parking rent		37,557		348		37,905
Storage rent		3,745		71		3,816
Pet rent		11,617		—		11,617
Total lease revenue (2)	$	2,534,779	$	73,324	$	2,608,103

The Company is the lessee under various corporate office and ground leases for which the Company recognized ROU assets and related lease liabilities effective January 1, 2019. The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2019 (amounts in thousands):

	2019
Right-of-use assets:
Corporate office leases	$	41,596
Ground leases (finance)		57,982
Ground leases (operating)		413,196
Right-of-use assets	$	512,774
Lease liabilities:
Corporate office leases	$	43,105
Ground leases (finance)		23,239
Ground leases (operating)		264,990
Lease liabilities	$	331,334

As the standard requires the recognition of a liability for the lease obligation, discount rates are used to determine the net present value of the lease payments. The discount rate for the lease is the rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. As the Company does not know the amount of the lessors’ initial direct costs, it cannot readily determine the rate implicit in the lease and instead must apply the incremental borrowing rate. The Company has estimated the discount rate ranges of 3.3% to 3.9% for corporate office leases and 4.4% to 5.5% for ground leases at adoption. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates.

The Company leases nine corporate offices with lease expiration dates ranging from 2021 through 2042 (inclusive of applicable extension options). The Company’s corporate office leases continue to be accounted for as operating leases under the new standard. During the year ended December 31, 2019, the Company modified four office leases that continue to be classified as operating leases

and recorded an additional lease liability and ROU asset at initial remeasurement of approximately $32.1 million. See Note 15 for details on a corporate office lease with a related party.

The Company maintains long-term ground leases for 14 operating properties and two projects under development with lease expiration dates ranging from 2042 through 2118 (inclusive of applicable purchase options). The Company owns the building and improvements. Based on its election of the package of practical expedients, the Company was not required to reassess the classification of existing ground leases at adoption and therefore the 14 operating property leases continue to be accounted for as operating leases. During the year ended December 31, 2019, the Company entered into two new ground leases, one of which is a fully prepaid ground lease, for projects under development that are being accounted for as finance leases and recorded initial ROU assets of approximately $57.9 million and lease liabilities of approximately $23.2 million.

Effective on January 1, 2019 with the adoption of the new leasing standard, ground lease intangibles, net of accumulated amortization were reclassed from other assets and other liabilities and are reported within the ROU assets on the consolidated balance sheets. See Note 2 for discussion of the opening balance of ROU assets. The following table summarizes the Company’s ground lease intangibles as of December 31, 2019 and 2018 (amounts in thousands):

Description	2019			2018
Assets
Ground lease intangibles	$	189,518		$	191,918
Accumulated amortization		(29,861	)		(25,688	)
Ground lease intangible assets, net (1)	$	159,657		$	166,230

Liabilities
Ground lease intangibles	$	—		$	2,400
Accumulated amortization		—			(290	)
Ground lease intangible liabilities, net (1)	$	—		$	2,110

The following table provides a summary of the effect of the amortization for ground lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands):

The following table provides a summary of the aggregate amortization for ground lease intangibles for each of the next five years (amounts in thousands):

		2020				2021				2022				2023				2024
Ground lease intangibles		$	(4,463	)		$	(4,463	)		$	(4,463	)		$	(4,463	)		$	(4,463	)

The following tables illustrate the quantitative disclosures for lessees as of and for the year ended December 31, 2019 (amounts in thousands):

	Year Ended December 31, 2019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	—
Interest on lease liabilities (capitalized)		225
Operating lease cost:
Corporate office leases		3,937
Ground leases		22,198
Variable lease cost:
Corporate office leases		1,489
Ground leases		3,700
Total lease cost	$	31,549

	December 31, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Investing cash flows from finance leases (capitalized)	$	34,922
Operating cash flows from operating leases:
Corporate office leases	$	5,494
Ground leases	$	16,837
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	$	44,298
Ground leases	$	422,018
Weighted-average remaining lease term – finance leases (1)	19.7 years
Weighted-average remaining lease term – operating leases:
Corporate office leases	18.1 years
Ground leases	56.2 years
Weighted-average discount rate – finance leases		3.0	%
Weighted-average discount rate – operating leases:
Corporate office leases		3.2	%
Ground leases		5.0	%

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 December 31, 2019:

(Payments)/Receipts Due by Year (in thousands)
	2020			2021			2022			2023			2024			Thereafter			Total
Finance Leases:
Minimum Rent Payments (a)	$	(567	)	$	(578	)	$	(590	)	$	(601	)	$	(614	)	$	(33,850	)	$	(36,800	)
Operating Leases:
Minimum Rent Payments (a)	$	(16,914	)	$	(17,161	)	$	(16,907	)	$	(16,998	)	$	(17,330	)	$	(979,172	)	$	(1,064,482	)
Minimum Rent Receipts (b)	$	64,527		$	61,817		$	58,204		$	50,906		$	43,784		$	154,898		$	434,136

The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2019 (amounts in thousands):