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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests

The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:

 

 

 

Year Ended December 31,

2019

 

 

Year Ended December 31,

2018

Amounts recorded upon acquisition of leasehold interests:

 

 

 

 

 

(Not applicable)

Right of use asset - operating lease

 

$

50,147

 

 

 

Right of use asset - finance lease

 

 

19,422

 

 

 

Leasehold improvements

 

 

13,354

 

 

 

Lease intangibles (Note 6)

 

 

1,760

 

 

 

Lease liability - operating lease

 

 

(45,293

)

 

 

Acquisition-related intangible liabilities (Note 6)

 

 

(359

)

 

 

Cash paid upon acquisition of leasehold interests

 

$

39,031

 

 

 

 

 

 

 

 

 

 

Schedule of Lease Cost

 

 

Year Ended December 31,

 

 

2019

 

 

2018

 

2017

Lease Cost

 

 

 

 

 

(Not applicable)

 

(Not applicable)

Finance lease cost:

 

 

 

 

 

 

 

 

   Amortization of right-of-use assets

 

$

2,168

 

 

 

 

 

   Interest on lease liabilities

 

 

3,737

 

 

 

 

 

   Subtotal

 

 

5,905

 

 

 

 

 

Operating lease cost

 

 

4,430

 

 

 

 

 

Variable lease cost

 

 

164

 

 

 

 

 

Total lease cost

 

$

10,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - finance leases (years)

 

 

42.5

 

 

 

 

 

Weighted-average remaining lease term - operating leases (years)

 

 

34.1

 

 

 

 

 

Weighted-average discount rate - finance leases

 

 

4.5

%

 

 

 

 

Weighted-average discount rate - operating leases

 

 

5.8

%

 

 

 

 

 

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of December 31, 2019, are summarized as follows (in thousands):

 

Year Ending December 31,

 

Minimum Rental

Revenues

 

 

Minimum Rental

Payments (a)

 

2020

 

$

212,871

 

 

$

7,040

 

2021

 

 

203,077

 

 

 

6,823

 

2022

 

 

181,731

 

 

 

6,832

 

2023

 

 

160,237

 

 

 

6,825

 

2024

 

 

137,451

 

 

 

7,008

 

Thereafter

 

 

563,124

 

 

 

312,421

 

Total

 

$

1,458,491

 

 

$

346,949