Leases (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Leases [Abstract]

Lease, Cost [Table Text Block]

Lessee Operating Leases

The components of the Company's operating lease expense are as follows:

	Year Ended
	December 31, 2019
Lease cost(a):
Operating lease expense(b)	$	119,775
Variable lease expense(c)	37,054
Total lease expense	$	156,829

        

(a) Inclusive of leases with related parties. See note 7.

(b) Represents the Company's operating lease expense related to its ROU assets for the twelve months ended December 31, 2019.

(c)

Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the sites located on the leased asset) for the twelve months ended December 31, 2019. Such contingencies are recognized as expense in the period they are resolved.

Tenant Leases

The following table is a summary of the rental cash payments owed to the Company, as a lessor, by tenants pursuant to contractual agreements in effect as of December 31, 2019. Generally, the Company's leases with its tenants provide for (1) annual escalations, (2) multiple renewal periods at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. As of December 31, 2019, the weighted-average remaining term (calculated by weighting the remaining term for each lease by the related site rental revenue) of tenant leases is approximately six years, exclusive of renewals

at the tenant's option. The tenants' rental payments included in the table below are through the current terms with a maximum current term of 20 years and do not assume exercise of tenant renewal options.

	Years Ending December 31,
	2020		2021		2022		2023		2024		Thereafter		Total
Tenant leases(a)	$	674,904	$	674,505	$	661,822	$	525,154	$	472,165	$	1,412,873	$	4,421,423

Other Lessee Information

As of December 31, 2019, the Company's weighted-average remaining lease term and weighted-average discount rate for operating leases were 16 years and 4.3%, respectively.

The following table is a summary of the Company's maturities of operating lease liabilities as of December 31, 2019:

	Years Ending December 31,
	2020		2021		2022		2023		2024		Thereafter		Total undiscounted lease payments		Less: Imputed interest			Total operating lease liabilities
Operating leases(a)(b)	$	107,579	$	107,746	$	107,486	$	106,990	$	106,000	$	1,185,872	$	1,721,673	$	(503,212	)	$	1,218,461

(a) Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the sites located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved.

(b)

Inclusive of leases with related parties. See note 7.

Comparative Information from 2018 Form 10-K

The Company adopted ASC 842 using a modified retrospective approach as of the effective date, without adjusting the comparative periods, and therefore, as required by ASC 842, has included the following comparative information from note 10 to the consolidated financial statements in its 2018 Form 10-K.

The operating lease payments included in the table below include payments for certain renewal periods exercisable at the Company's option that are deemed reasonably assured to be exercised and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases.

	Years Ending December 31,
	2019		2020		2021		2022		2023		Thereafter		Total
Operating leases(a)	$	142,671	$	144,069	$	144,390	$	142,144	$	140,193	$	1,697,442	$	2,410,909

(a)

Inclusive of leases with related parties. See note 7.