Leases (Tables)

3 Months Ended

Mar. 31, 2020

Future lease payments under the non-cancelable operating leases, excluding any reimbursements, as of March 31, 2020 were as follows:

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of March 31, 2020 were as follows:



In thousands	OPERATING			FINANCING
2020	$	3,113		$	429
2021	4,844			754
2022	4,875			763
2023	4,913			774
2024	4,969			795
2025 and thereafter	307,665			83,404
Total undiscounted lease payments	330,379			86,919
Discount	(239,286		)	(68,966		)
Lease liabilities	$	91,093		$	17,953

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of March 31, 2020 were as follows:



In thousands	OPERATING			FINANCING
2020	$	3,113		$	429
2021	4,844			754
2022	4,875			763
2023	4,913			774
2024	4,969			795
2025 and thereafter	307,665			83,404
Total undiscounted lease payments	330,379			86,919
Discount	(239,286		)	(68,966		)
Lease liabilities	$	91,093		$	17,953

The following table provides details of the Company's total lease expense for the three months ended March 31, 2020 and 2019:



	THREE MONTHS ENDED MARCH 31,
In thousands	2020			2019
Operating lease cost
Operating lease expense	$	1,174		$	1,116
Variable lease expense	800			740

Finance lease cost
Amortization of right-of-use assets	70			—
Interest on lease liabilities	237			—
Total lease expense	$	2,281		$	1,856

Other information
Operating cash flows outflows related to operating leases	$	2,550		$	2,771
Financing cash flows outflows related to financing leases	$	321		$	—
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	—

Weighted-average remaining lease term (excluding renewal options) - operating leases	49.4			54.0
Weighted-average remaining lease term (excluding renewal options) -finance leases	64.9			—
Weighted-average discount rate - operating leases	5.7		%	5.5		%
Weighted-average discount rate - finance leases	5.4		%	—		%