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Leases (Tables)

6 Months Ended

Jun. 30, 2019

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

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



	Classification	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Operating lease cost: ⁽¹⁾
Real estate lease expense	Property operating expenses	$	7,267		$	14,679
Non-real estate lease expense	General and administrative expenses	408			770
Finance lease cost:
Amortization of leased assets	Property operating expenses	2,153			4,245
Interest on lease liabilities	Interest expense	1,166			2,169
Sublease income	Rental income	(1,043		)	(2,087		)
Total		$	9,951		$	19,776

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



	Classification	June 30, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	386,061
Finance leases	Right of use assets, net	164,281
Real estate right of use assets, net		550,342
Operating leases - corporate	Receivables and other assets	5,055
Total right of use assets, net		$	555,397

Lease liabilities:
Operating leases		$	360,298
Financing leases		108,731
Total		$	469,029

Weighted average remaining lease term (years):
Operating leases		50.0
Finance leases		15.8

Weighted average discount rate:
Operating leases		5.21		%
Finance leases		5.17		%

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



	Classification	Six Months Ended June 30, 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	$	4,627
Operating cash flows from finance leases	Decrease (increase) in receivables and other assets	3,916
Financing cash flows from finance leases	Other financing activities	(1,638		)

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):



	Operating Leases			Finance Leases
2019	$	9,809		$	4,488
2020	19,625			8,821
2021	19,558			8,485
2022	18,627			7,852
2023	18,707			68,967
Thereafter	1,595,101			86,081
Total lease payments	1,681,427			184,694
Less: Imputed interest	(1,321,129		)	(75,963		)
Total present value of lease liabilities	$	360,298		$	108,731

Maturities of Lease Liabilities, Finance Leases

Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):



	Operating Leases			Finance Leases
2019	$	9,809		$	4,488
2020	19,625			8,821
2021	19,558			8,485
2022	18,627			7,852
2023	18,707			68,967
Thereafter	1,595,101			86,081
Total lease payments	1,681,427			184,694
Less: Imputed interest	(1,321,129		)	(75,963		)
Total present value of lease liabilities	$	360,298		$	108,731

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	June 30, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	386,061
Finance leases	Right of use assets, net	164,281
Real estate right of use assets, net		550,342
Operating leases - corporate	Receivables and other assets	5,055
Total right of use assets, net		$	555,397

Lease liabilities:
Operating leases		$	360,298
Financing leases		108,731
Total		$	469,029

Weighted average remaining lease term (years):
Operating leases		50.0
Finance leases		15.8

Weighted average discount rate:
Operating leases		5.21		%
Finance leases		5.17		%

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 June 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):



2019	$	925,026
2020	1,380,111
2021	1,346,698
2022	1,237,904
2023	1,255,408
Thereafter	9,745,880
Totals	$	15,891,027