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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Operating Lease, Lease Income [Table Text Block]

The following table provides a disaggregation of lease income recognized under ASC Topic 842, Leases, as either fixed or variable lease income based on the criteria specified in ASC 842:

	Three months ended June 30, 2019			Six months ended June 30, 2019
Operating lease income
Fixed and in-substance fixed lease income	$	197,413			399,291
Variable lease income		62,610			125,445
Other lease related income, net
Above/below market rent amortization		6,793			20,247
Uncollectible amounts in lease income		(580	)		(1,444	)
Total lease income	$	266,236			543,539

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:

	Future Minimum Rents as of (in thousands)
Year Ending December 31,	June 30, 2019			December 31, 2018
2019	$	389,051	⁽¹⁾		761,151
2020		735,879			693,848
2021		653,515			608,587
2022		561,918			516,369
2023		460,749			414,424
Thereafter		1,841,436			1,691,203
Total	$	4,642,548			4,685,582

⁽¹⁾ The future minimum rental income for 2019 as of June 30, 2019 includes amounts due between July 1, 2019 and December 31, 2019.

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases was as follows, including straight line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

	Three months ended June 30, 2019		Six months ended June 30, 2019
Operating lease expense
Ground leases	$	3,528		7,200
Office leases		1,064		2,106
Total fixed operating lease expense		4,592		9,306
Variable lease expense
Ground leases		444		873
Office leases		131		274
Total variable lease expense		575		1,147
Total Lease Expense	$	5,167		10,453
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows from operating leases	$	3,721		7,412

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities under ground and office leases as of June 30, 2019, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:

	Lease liabilities (in thousands)
Year Ending December 31,	Ground Leases			Office Leases			Total
2019 ⁽¹⁾	$	5,336			2,522			7,858
2020		10,706			4,976			15,682
2021		10,674			3,863			14,537
2022		10,698			2,893			13,591
2023		10,914			2,188			13,102
Thereafter		564,081			5,955			570,036
Total undiscounted lease liabilities	$	612,409			22,397			634,806
Present value discount		(408,464	)		(2,383	)		(410,847	)
Lease liabilities	$	203,945			20,014			223,959
Weighted average discount rate	5.2%			4.0%
Weighted average remaining term	49.6 years			5.7 years

⁽¹⁾ The undiscounted lease liability maturities shown for 2019 are as of June 30, 2019, and includes amounts due between July 1, 2019 and December 31, 2019.

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table summarizes the future obligations under non-cancelable operating leases, excluding unexercised renewal options, as of December 31, 2018:

	Future Lease Obligations (in thousands)
Year Ending December 31,	Ground Leases		Office Leases		Total Future Lease Obligations
2019	$	10,672		4,405		15,077
2020		10,439		4,294		14,733
2021		10,344		3,549		13,893
2022		10,258		2,893		13,151
2023		10,369		2,189		12,558
Thereafter		461,762		5,944		467,706
Total	$	513,844		23,274		537,118