We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases on 14 of our consolidated properties. Our leases expire, including options under lessor control, at various dates through 2083, with varying renewal options, and the majority expire before 2031.

Our operating leases may require minimum rent payments, variable rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or variable rent. In addition, we may be required to pay some, or all, of the capital costs for property and equipment in the hotel during the term of the lease.

The maturities of our non-cancelable operating lease liabilities, due in each of the next five years and thereafter as of December 31, 2019, were:

	Operating Leases
Year	(in millions)
2020	$	29
2021		29
2022		29
2023		24
2024		25
Thereafter		365
Total minimum rent payments		501
Less: imputed interest		241
Total operating lease liabilities	$	260

As of December 31, 2019 the weighted average remaining operating lease term was 26.3 years and the weighted average discount rate used to determine the operating lease liabilities was 5.3%.

The components of rent expense, which are primarily included in other property-level expenses in our consolidated statements of comprehensive income, supplemental cash flow and non-cash information for all operating leases were:

	Year Ended December 31, 2019
	(in millions)
Operating lease expense	$	30
Variable lease expense		13
Operating cash flows for operating leases		36
Right-of-use assets obtained in exchange for lease obligations⁽¹⁾		278