Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

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 September 30, 2019			Nine Months Ended September 30, 2019
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	3,647		$	18,326
Non-real estate lease expense	General and administrative expenses	516			1,286
Finance lease cost:
Amortization of leased assets	Property operating expenses	2,304			6,549
Interest on lease liabilities	Interest expense	1,328			3,497
Sublease income	Rental income	(1,043		)	(3,130		)
Total		$	6,752		$	26,528

Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate):

	Classification	September 30, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	372,831
Finance leases - real estate	Right of use assets, net	163,858
Real estate right of use assets, net		536,689
Operating leases - corporate	Receivables and other assets	4,711
Total right of use assets, net		$	541,400
Lease liabilities:
Operating leases		$	343,915
Financing leases		110,623
Total		$	454,538
Weighted average remaining lease term (years):
Operating leases		48.0
Finance leases		16.3
Weighted average discount rate:
Operating leases		5.19		%
Finance leases		5.17		%

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

	Classification	Nine Months Ended September 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	$	4,858
Operating cash flows from operating leases	Increase (decrease) in accrued expenses and other liabilities	(4,949		)
Operating cash flows from finance leases	Decrease (increase) in receivables and other assets	8,241
Financing cash flows from finance leases	Other financing activities	(2,487		)

Maturities of Lease Liabilities, Operating Leases

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

	Operating Leases			Finance Leases
2019	$	5,040		$	2,511
2020	19,873			9,121
2021	19,781			8,787
2022	18,594			8,161
2023	18,559			69,244
Thereafter	1,107,479			94,590
Total lease payments	1,189,326			192,414
Less: Imputed interest	(845,411		)	(81,791		)
Total present value of lease liabilities	$	343,915		$	110,623

Maturities of Lease Liabilities, Finance Leases

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

	Operating Leases			Finance Leases
2019	$	5,040		$	2,511
2020	19,873			9,121
2021	19,781			8,787
2022	18,594			8,161
2023	18,559			69,244
Thereafter	1,107,479			94,590
Total lease payments	1,189,326			192,414
Less: Imputed interest	(845,411		)	(81,791		)
Total present value of lease liabilities	$	343,915		$	110,623

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate):

	Classification	September 30, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	372,831
Finance leases - real estate	Right of use assets, net	163,858
Real estate right of use assets, net		536,689
Operating leases - corporate	Receivables and other assets	4,711
Total right of use assets, net		$	541,400
Lease liabilities:
Operating leases		$	343,915
Financing leases		110,623
Total		$	454,538
Weighted average remaining lease term (years):
Operating leases		48.0
Finance leases		16.3
Weighted average discount rate:
Operating leases		5.19		%
Finance leases		5.17		%

Undiscounted Cash Flows for Future Minimum Lease Payments Receivable

The following table sets forth the future minimum lease payments receivable for leases in effect at September 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):

2019	$	344,158
2020	1,356,086
2021	1,324,256
2022	1,296,077
2023	1,239,804
Thereafter	9,576,700
Totals	$	15,137,081