Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Components of Lease Expense, Lease Terms and Discount Rate, and Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):

	Classification	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	Decrease (increase) in receivables and other assets	$	1,805
Operating cash flows from finance leases	Decrease (increase) in receivables and other assets	1,932
Financing cash flows from finance leases	Other financing activities	(775		)

Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):

	Classification	March 31, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	358,325
Finance leases	Right of use assets, net	144,104
Real estate right of use assets, net		502,429
Operating leases - corporate	Receivables and other assets	3,642
Total right of use assets, net		$	506,071
Lease liabilities:
Operating leases		$	347,113
Financing leases		79,526
Total		$	426,639
Weighted average remaining lease term (years):
Operating leases		52.5
Finance leases		3.9
Weighted average discount rate:
Operating leases		5.24		%
Finance leases		5.21		%

The components of lease expense were as follows for the period presented (in thousands):

	Classification	Three Months Ended March 31, 2019
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	7,412
Non-real estate lease expense	General and administrative expenses	362
Finance lease cost:
Amortization of leased assets	Property operating expenses	2,092
Interest on lease liabilities	Interest expense	1,002
Sublease income	Rental income	(1,886		)
Total		$	8,982

Maturities of Lease Liabilities, Operating Leases

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

	Operating Leases			Finance Leases
2019	$	12,139		$	5,726
2020	16,186			7,444
2021	16,058			7,093
2022	15,111			6,454
2023	15,158			67,593
Thereafter	1,418,839			—
Total lease payments	1,493,491			94,310
Less: Imputed interest	(1,146,378		)	(14,784		)
Total present value of lease liabilities	$	347,113		$	79,526

Maturities of Lease Liabilities, Finance Leases

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

	Operating Leases			Finance Leases
2019	$	12,139		$	5,726
2020	16,186			7,444
2021	16,058			7,093
2022	15,111			6,454
2023	15,158			67,593
Thereafter	1,418,839			—
Total lease payments	1,493,491			94,310
Less: Imputed interest	(1,146,378		)	(14,784		)
Total present value of lease liabilities	$	347,113		$	79,526

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):

	Classification	March 31, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	358,325
Finance leases	Right of use assets, net	144,104
Real estate right of use assets, net		502,429
Operating leases - corporate	Receivables and other assets	3,642
Total right of use assets, net		$	506,071
Lease liabilities:
Operating leases		$	347,113
Financing leases		79,526
Total		$	426,639
Weighted average remaining lease term (years):
Operating leases		52.5
Finance leases		3.9
Weighted average discount rate:
Operating leases		5.24		%
Finance leases		5.21		%

Undiscounted Cash Flows for Future Minimum Lease Payments Receivable

The following table sets forth the undiscounted cash flows for future minimum lease payments receivable for leases in effect at March 31, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):

2019	$	950,205
2020	1,240,401
2021	1,210,470
2022	1,187,277
2023	1,134,217
Thereafter	9,199,476
Totals	$	14,922,046