Leases (Tables)

6 Months Ended

Jun. 30, 2019

Future Minimum Lease Payments Receivable

Future lease payments under the non-cancelable operating leases, excluding any reimbursements, as of June 30, 2019 were as follows (in thousands):



2019	$	172,488
2020	313,354
2021	267,340
2022	229,297
2023	188,965
2024 and thereafter	524,957
	$	1,696,401

Future Minimum Lease Payments Receivable under ASC 840

Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2018 were as follows (in thousands):



2019	$	326,441
2020	279,211
2021	235,660
2022	201,072
2023	163,978
2024 and thereafter	476,673
	$	1,683,035

Future Minimum Operating Lease Payments

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of June 30, 2019 were as follows (in thousands):



	Operating			Financing
2019	$	1,912		$	214
2020	4,833			611
2021	4,862			619
2022	4,893			628
2023	4,931			637
2024 and thereafter	314,198			74,767
Total undiscounted lease payments	335,629			77,476
Discount	(244,573		)	(63,260		)
Lease liabilities	$	91,056		$	14,216

Future Minimum Financing Lease Payments

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of June 30, 2019 were as follows (in thousands):



	Operating			Financing
2019	$	1,912		$	214
2020	4,833			611
2021	4,862			619
2022	4,893			628
2023	4,931			637
2024 and thereafter	314,198			74,767
Total undiscounted lease payments	335,629			77,476
Discount	(244,573		)	(63,260		)
Lease liabilities	$	91,056		$	14,216

Lease Cost

The following table provides a detail of the Company's total lease expense for the three and six months ended June 30, 2019 (in thousands):



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost
Operating lease expense	$	1,163	$	2,279
Variable lease expense	795		1,535
Finance lease cost
Amortization of right-of-use assets	51		51
Interest on lease liabilities	196		196
Total lease expense	$	2,205	$	4,061

Other information
Operating cash flows outflows related to operating leases	$	1,402	$	4,173
Financing cash flows outflows related to financing leases	$	142	$	142
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	14,294

Weighted-average remaining lease term (excluding renewal options) - operating leases	54.5
Weighted-average remaining lease term (excluding renewal options) -finance leases	70.3
Weighted-average discount rate - operating leases	5.5%
Weighted-average discount rate - finance leases	5.9%

Future Minimum Lease Payments under ASC 840

The Company’s future minimum lease payments (primarily for its 60 non-prepaid ground leases) as of December 31, 2018 were as follows (in thousands):



2019	$	5,288
2020	5,260
2021	5,238
2022	5,207
2023	5,224
2024 and thereafter	323,533
	$	349,750