Master Lease Financing Obligations and Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of total lease payments under the Master Leases

Total lease payments under the Penn Master Lease were as follows:



	For the year ended December 31,
(in thousands)	2018		2017		2016
Reduction of financing obligation	$	60,061	$	57,859	$	50,548
Interest expense attributable to financing obligation	401,483		397,580		391,738
Total lease payments under the Penn Master Lease	$	461,544	$	455,439	$	442,286

Total lease payments under the Pinnacle Master Lease were as follows:



(in thousands)	For the Year Ended December 31, 2018
Reduction of financing obligation	$	7,351
Interest expense attributable to financing obligation	62,993
Total lease payments under the Pinnacle Master Lease⁽¹⁾	$	70,344

(1)

Includes $13.6 million pertaining to the period from October 15, 2018 through October 31, 2018, which was prepaid by Pinnacle.

Schedule of future minimum payments related to the Master Leases

The future minimum payments related to the Penn Master Lease and Pinnacle Master Lease as of December 31, 2018 were as follows:



(in thousands)	Penn Master Lease			Pinnacle Master Lease			Total
Year ending December 31:
2019	$	347,384		$	329,245		$	676,629
2020	347,384			308,067			655,451
2021	347,384			297,478			644,862
2022	347,384			297,478			644,862
2023	347,384			297,478			644,862
Thereafter	8,626,711			8,131,064			16,757,775
Total minimum lease payments	10,363,631			9,660,810			20,024,441
Less: Amounts representing interest	(7,100,050		)	(7,285,956		)	(14,386,006		)
Plus: Residual values	215,179			1,294,801			1,509,980
Present value of future minimum lease payments	3,478,760			3,669,655			7,148,415
Less: Current portion of financing obligation	(21,114		)	(46,663		)	(67,777		)
Long-term portion of financing obligation	$	3,457,646		$	3,622,992		$	7,080,638

Schedule of future minimum rental payments for operating leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases as of December 31, 2018 were as follows (in thousands):



Year ending December 31:
2019	$	43,913
2020	40,510
2021	30,497
2022	30,109
2023	28,454
Thereafter	272,492
Total	$	445,975