Leases (Tables)

12 Months Ended

Dec. 31, 2019

Operating Lease - Schedule of Future Minimum Lease Receivable

As of December 31, 2019, our 291 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The remaining lease term related to each of the two land parcels is 72.9 years. Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2019, are outlined in the table below (in thousands):



Year	Amount
2020	$	1,074,698
2021	1,090,837
2022	1,076,898
2023	1,024,652
2024	948,223
Thereafter	6,238,082
Total	$	11,453,390

Net investment in direct financing lease

As of December 31, 2019, we had one direct financing lease agreement for a parking structure with a remaining lease term of 72.9 years. The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The components of our net investment in our direct financing lease as of December 31, 2019 and 2018, are summarized in the table below (in thousands):



	December 31,
	2019			2018
Gross investment in direct financing lease	$	260,457		$	262,111
Less: unearned income	(220,541		)	(222,962		)
Net investment in direct financing lease	$	39,916		$	39,149

Direct Financing Leases - Schedule of Future Minimum Payment Receivable

Future lease payments to be received under the terms of our direct financing lease as of December 31, 2019, are outlined in the table below (in thousands):



Year	Total
2020	$	1,705
2021	1,756
2022	1,809
2023	1,863
2024	1,919
Thereafter	251,405
Total	$	260,457

Income from rentals

Our total income from rentals includes revenue related to agreements for rental of our investments in real estate, which primarily includes revenues subject to the guidance of the new lease accounting standard and revenues subject to the revenue recognition accounting standard as summarized below (in thousands):



	Year Ended December 31, 2019
Income from rentals:
Revenues subject to the new lease accounting standard:
Operating leases	$	1,465,692
Direct financing lease	2,421
Revenues subject to the new lease accounting standard	1,468,113
Revenues subject to the revenue recognition accounting standard	48,751
Income from rentals	$	1,516,864

Summary of deferred leasing costs

Deferred leasing costs

The following table summarizes our deferred leasing costs as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Deferred leasing costs	$	631,416		$	557,791
Accumulated amortization	(361,373		)	(318,721		)
Deferred leasing costs, net	$	270,043		$	239,070

Lessee Disclosure [Abstract]

Operating Lease - Schedule of Future Minimum Lease Payable

The reconciliation of future lease payments, under non-cancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2019, is presented in the table below (in thousands):



Year	Total
2020	$	15,132
2021	15,931
2022	16,467
2023	16,628
2024	16,857
Thereafter	618,924
Total future payments under our operating leases in which we are the lessee	699,939
Effect of discounting	(428,131		)
Operating lease liability	$	271,808

Lesee operating costs

Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 15 years, exclusive of extension options. For the years ended December 31, 2019, 2018, and 2017, our costs for operating leases in which we are the lessee were as follows (in thousands):



	Year Ended December 31,
	2019			2018			2017
Gross operating lease costs	$	19,740		$	16,102		$	14,307
Capitalized lease costs	(1,452		)	(340		)	(340		)
Expenses for operating leases in which we are the lessee	$	18,288		$	15,762		$	13,967