Leases (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 31, 2018

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases as of March 31, 2019 was as follows (in thousands):

	Balance Sheet Classification	Balance as of March 31, 2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	660,586
Finance lease assets	Buildings and improvements	124,371
Total leased assets		$	784,957
Liabilities:
Operating lease liabilities	Operating lease liabilities	$	725,470
Finance lease liabilities	Accounts payable and other accrued liabilities	167,764
Total lease liabilities		$	893,234

Lease, Cost

The components of lease expense for the three months ended March 31, 2019 were as follows (in thousands):

Lease cost	Income Statement Classification	Three Months Ended March 31, 2019
Finance lease cost:
Amortization of right-of-use assets	Depreciation and amortization	$	1,227
Interest on lease liabilities	Interest expense	1,646
Operating lease cost	Rental property operating and maintenance	23,114
Total lease cost		$	25,987

Schedule of Future Minimum Rental Payments for Operating Leases

The minimum commitment under operating leases, excluding fully prepaid ground leases, as of December 31, 2018 was as follows (in thousands):

2019	$	84,712
2020	87,396
2021	86,212
2022	81,976
2023	80,707
Thereafter	539,047
Total	$	960,050

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments and their present value for property under capital lease obligations as of December 31, 2018, are as follows (in thousands):  

2019	$	11,657
2020	13,108
2021	13,207
2022	13,706
2023	14,219
Thereafter	285,774
	351,671
Less amount representing interest	(137,827		)
Present value	$	213,844

Finance Leases Maturity

Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands):

	Operating lease liabilities			Finance lease liabilities
Remainder of 2019	$	62,313		$	5,351
2020	84,415			8,823
2021	83,181			8,868
2022	79,187			9,332
2023	78,382			9,788
Thereafter	548,011			234,658
Total undiscounted future cash flows	935,489			276,820
Less: Imputed interest	(210,019		)	(109,056		)
Present value of undiscounted future cash flows	$	725,470		$	167,764

Operating Lease Maturity

Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands):

	Operating lease liabilities			Finance lease liabilities
Remainder of 2019	$	62,313		$	5,351
2020	84,415			8,823
2021	83,181			8,868
2022	79,187			9,332
2023	78,382			9,788
Thereafter	548,011			234,658
Total undiscounted future cash flows	935,489			276,820
Less: Imputed interest	(210,019		)	(109,056		)
Present value of undiscounted future cash flows	$	725,470		$	167,764

Lessor Operating Minimum Lease Payments

The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at March 31, 2019 (in thousands):    

	Operating leases
Remainder of 2019	$	1,761,276
2020	1,949,524
2021	1,714,577
2022	1,411,271
2023	1,211,576
Thereafter	4,400,329
Total	$	12,448,553