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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases  
Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 was as follows (in thousands):

    

Balance Sheet

Balance as of

Classification

December 31, 2020

December 31, 2019

Assets:

 

  

  

 

  

Operating lease assets

 

Operating lease right-of-use assets, net (1)

$

1,386,959

$

628,681

Finance lease assets

 

Buildings and improvements, net (2)

 

181,753

 

131,072

Total leased assets

 

  

$

1,568,712

$

759,753

Liabilities:

 

  

 

  

 

  

Operating lease liabilities

 

Operating lease liabilities

$

1,468,712

$

693,539

Finance lease liabilities

 

Accounts payable and other accrued liabilities

 

233,350

 

178,086

Total lease liabilities

 

  

$

1,702,062

$

871,625

_________________________

(1) Net of accumulated depreciation and amortization of $148.4 million and $51.7 million as of December 31, 2020 and 2019, respectively.

(2) Net of accumulated depreciation and amortization of $12.5 million and $4.9 million as of December 31, 2020 and 2019, respectively.

Lease, Cost

The components of lease expense for the years ended December 31, 2020 and 2019 were as follows (in thousands):

    

    

Years Ended

Lease cost

Income Statement Classification

December 31, 2020

December 31, 2019

Finance lease cost:

 

  

 

  

 

  

Amortization of right-of-use assets

 

Depreciation and amortization

$

7,222

$

5,074

Interest on lease liabilities

 

Interest expense

 

7,060

 

6,044

Operating lease cost

 

Rental property operating and maintenance / General and administrative

 

129,399

 

90,980

Total lease cost

 

  

$

143,681

$

102,098

Finance Leases Maturity

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):

    

Operating

    

Finance

lease liabilities

lease liabilities

2021

$

137,324

$

12,578

2022

 

143,183

 

13,099

2023

 

143,606

 

33,288

2024

 

144,303

 

12,039

2025

 

145,162

 

12,094

Thereafter

 

1,046,233

 

244,675

Total undiscounted future cash flows

 

1,759,811

 

327,773

Less: Imputed interest

 

(291,099)

 

(94,423)

Present value of undiscounted future cash flows

$

1,468,712

$

233,350

Operating Lease Maturity

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):

    

Operating

    

Finance

lease liabilities

lease liabilities

2021

$

137,324

$

12,578

2022

 

143,183

 

13,099

2023

 

143,606

 

33,288

2024

 

144,303

 

12,039

2025

 

145,162

 

12,094

Thereafter

 

1,046,233

 

244,675

Total undiscounted future cash flows

 

1,759,811

 

327,773

Less: Imputed interest

 

(291,099)

 

(94,423)

Present value of undiscounted future cash flows

$

1,468,712

$

233,350

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, 2020 (in thousands):

    

Operating leases

2021

$

2,874,204

2022

 

2,126,375

2023

 

1,760,337

2024

 

1,457,784

2025

 

1,155,144

Thereafter

 

3,907,635

Total

$

13,281,479