Leases (Tables)

9 Months Ended

Sep. 30, 2019

Future Minimum Lease Payments Receivable

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



2019	$	91,501
2020	340,549
2021	292,541
2022	252,315
2023	210,559
2024 and thereafter	572,767
	$	1,760,232

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 September 30, 2019 were as follows (in thousands):



	Operating			Financing
2019	$	999		$	107
2020	4,816			611
2021	4,846			619
2022	4,877			628
2023	4,915			637
2024 and thereafter	312,712			74,767
Total undiscounted lease payments	333,165			77,369
Discount	(241,809		)	(63,064		)
Lease liabilities	$	91,356		$	14,305

Future Minimum Financing Lease Payments

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



	Operating			Financing
2019	$	999		$	107
2020	4,816			611
2021	4,846			619
2022	4,877			628
2023	4,915			637
2024 and thereafter	312,712			74,767
Total undiscounted lease payments	333,165			77,369
Discount	(241,809		)	(63,064		)
Lease liabilities	$	91,356		$	14,305

Lease Cost

The following table provides details of the Company's total lease expense for the three and nine months ended September 30, 2019 (in thousands):



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost
Operating lease expense	$	1,169	$	3,448
Variable lease expense	845		2,380
Finance lease cost
Amortization of right-of-use assets	51		101
Interest on lease liabilities	196		392
Total lease expense	$	2,261	$	6,321

Other information
Operating cash flows outflows related to operating leases	$	1,313	$	5,461
Financing cash flows outflows related to financing leases	$	107	$	249
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	14,294

Weighted-average remaining lease term (excluding renewal options) - operating leases	49.7
Weighted-average remaining lease term (excluding renewal options) -finance leases	70.1
Weighted-average discount rate - operating leases	5.7%
Weighted-average discount rate - finance leases	5.5%

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