Leases

3 Months Ended

Mar. 31, 2020

The Company leases office space for its operations around the globe.

All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 15.3 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $3.7 million and $3.8 million for the three months ended March 31, 2020 and 2019, respectively, which is included in occupancy and equipment rental in the condensed consolidated statements of operations.

The undiscounted aggregate minimum future rental payments are as follows:


	As of
	March 31,		December 31,
	2020		2019
	(in thousands)
	(unaudited)
2020 (remainder)	$	11,516	$	15,789
2021	13,040		13,374
2022	11,512		11,795
2023	10,274		10,523
2024	9,403		9,602
Thereafter	88,714		88,757
Total lease payments	$	144,459	$	149,840
Less: minimum future rental payments for which the lease has not commenced ⁽¹⁾	(115,870)		(115,870)
Total lease payments for which the Company has a right-of use-asset and corresponding liability	28,589		33,970
Less: Interest	(2,700)		(3,220)
Present value of operating lease liabilities	$	25,889	$	30,750

____________________

(1) On May 16, 2019, the Company entered into a new Office Lease (the “Lease”) for its new principal executive offices in New York, N.Y. Rental payments are scheduled to commence on November 1, 2020 and shall continue for a term of 15 years and 3 months. As of March 31, 2020, the Lease is not included in operating lease right-of-use assets and operating lease obligations on the condensed consolidated statement of financial condition as the Company does not yet have the right to use the premises.

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:


	As of
	March 31,		December 31,
	2020		2019
	(unaudited)
Weighted average remaining lease term in years, including the lease for which the right to use has not commenced	12.2		12.1
Weighted average discount rate	5.8	%	5.8	%