Leases (Tables)

12 Months Ended

Dec. 31, 2020

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


		Year Ended
	Classification	December 31, 2020		December 31, 2019
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	23,472	$	25,166
Non-real estate investment lease expense	General and administrative expenses	4,745		1,654
Finance lease cost:
Amortization of leased assets	Property operating expenses	8,203		7,795
Interest on lease liabilities	Interest expense	6,411		4,748
Sublease income	Rental income	(4,173)		(4,173)
Total		$	38,658	$	35,190

(1) Includes short-term leases which are immaterial

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


		Year Ended
Cash Paid for Amounts Included in the Measurement of Lease Liabilities	Classification	December 31, 2020		December 31, 2019
Operating cash flows from operating leases	Decrease (increase) in receivables and other assets	$	9,323	$	6,397
Operating cash flows from operating leases	Increase (decrease) in accrued expenses and other liabilities	(3,918)		(5,489)
Operating cash flows from finance leases	Decrease (increase) in receivables and other assets	8,263		10,732
Financing cash flows from finance leases	Other financing activities	(3,568)		(3,401)

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	20,316	$	8,777
2022	19,051		8,587
2023	19,082		69,439
2024	18,380		1,491
2025	15,575		1,459
Thereafter	910,134		107,674
Total lease payments	1,002,538		197,427
Less: Imputed interest	(691,374)		(90,325)
Total present value of lease liabilities	$	311,164	$	107,102

Maturities of Lease Liabilities, Finance Leases

Maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	20,316	$	8,777
2022	19,051		8,587
2023	19,082		69,439
2024	18,380		1,491
2025	15,575		1,459
Thereafter	910,134		107,674
Total lease payments	1,002,538		197,427
Less: Imputed interest	(691,374)		(90,325)
Total present value of lease liabilities	$	311,164	$	107,102

Supplemental Balance Sheet Information Related to Leases

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


	Classification	December 31, 2020			December 31, 2019
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	310,017		$	374,217
Finance leases - real estate	Right of use assets, net	155,849			162,216
Real estate right of use assets, net		465,866			536,433
Operating leases - non-real estate investments	Receivables and other assets	9,624			12,474
Total right of use assets, net		$	475,490		$	548,907

Lease liabilities:
Operating leases		$	311,164		$	364,803
Financing leases		107,102			108,890
Total lease liabilities		$	418,266		$	473,693

Weighted average remaining lease term (years):
Operating leases		46.9			46.0
Finance leases		17.7			15.9

Weighted average discount rate:
Operating leases		5.02		%	5.00		%
Finance leases		5.16		%	5.18		%

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 December 31, 2020 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):


2021	$	1,405,428
2022	1,390,915
2023	1,332,520
2024	1,306,595
2025	1,236,338
Thereafter	7,957,714
Totals	$	14,629,510