Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases

Supplemental Balance Sheet Information

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

	Balance Sheet	Balance as of
	Classification	December 31, 2019
Assets:
Operating lease assets	Operating lease right-of-use assets, net (1)	$	628,681
Finance lease assets	Buildings and improvements, net (2)		131,072
Total leased assets		$	759,753
Liabilities:
Operating lease liabilities	Operating lease liabilities	$	693,539
Finance lease liabilities	Accounts payable and other accrued liabilities		178,086
Total lease liabilities		$	871,625

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(1) Net of accumulated depreciation and amortization of $51.7 million as of December 31, 2019.

(2) Net of accumulated depreciation and amortization of $4.9 million as of December 31, 2019.

Lease, Cost

The components of lease expense for the year ended December 31, 2019 were as follows (in thousands):

		Year Ended
Lease cost	Income Statement Classification	December 31, 2019
Finance lease cost:
Amortization of right-of-use assets	Depreciation and amortization	$	5,074
Interest on lease liabilities	Interest expense		6,044
Operating lease cost	Rental property operating and maintenance / General and administrative		90,980
Total lease cost		$	102,098

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 December 31, 2019 were as follows (in thousands):

	Operating		Finance
	lease liabilities		lease liabilities
2020	$	85,277	$	8,881
2021		84,796		8,927
2022		81,021		9,399
2023		79,751		9,865
2024		73,612		9,914
Thereafter		478,241		226,261
Total undiscounted future cash flows		882,698		273,247
Less: Imputed interest		(189,159)		(95,161)
Present value of undiscounted future cash flows	$	693,539	$	178,086

Operating Lease Maturity

	Operating		Finance
	lease liabilities		lease liabilities
2020	$	85,277	$	8,881
2021		84,796		8,927
2022		81,021		9,399
2023		79,751		9,865
2024		73,612		9,914
Thereafter		478,241		226,261
Total undiscounted future cash flows		882,698		273,247
Less: Imputed interest		(189,159)		(95,161)
Present value of undiscounted future cash flows	$	693,539	$	178,086

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 December 31, 2019 (in thousands):

	Operating leases
2020	$	2,810,508
2021		1,947,216
2022		1,552,045
2023		1,333,620
2024		1,089,305
Thereafter		4,091,199
Total	$	12,823,893