Leases

3 Months Ended

Mar. 31, 2019

Leases

Lessee Disclosures

We are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of less than one year to seven years and our ground leases have remaining terms of 35 years to 53 years. For the three months ended March 31, 2019, we recognized $448 of operating lease expense, inclusive of short-term and variable lease costs which are not significant.

The following is a schedule of the maturities of operating lease liabilities for the next five years as of March 31, 2019, and thereafter:



Remainder of 2019	$	1,095
2020	1,536
2021	1,503
2022	1,465
2023	1,329
Thereafter	29,025
Total Lease Payments	35,953
Less Imputed Interest ^(A)	23,584
Total	$	12,369

^(A)Calculated using the discount rate for each lease.

As of March 31, 2019, our weighted average remaining lease term for the Operating Leases is 34.4 years and the weighted average discount rate is 7.4%.

Future minimum rental payments for the Operating Leases as of December 31, 2018 are as follows:



2019	$	1,464
2020	1,536
2021	1,503
2022	1,465
2023	1,329
Thereafter	29,025
Total	$	36,322

A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise.

Lessor Disclosures

Our properties and certain land parcels are leased to tenants and classified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of March 31, 2019 are approximately as follows:



Remainder of 2019	$	234,032
2020	297,322
2021	254,001
2022	214,069
2023	177,644
Thereafter	467,827
Total	$	1,644,895

Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2018 were approximately as follows:



2019	$	305,689
2020	288,817
2021	244,743
2022	205,097
2023	169,243
Thereafter	451,151
Total	$	1,664,740

Several of our operating leases include options to extend the lease term. For purposes of determining the lease term, we exclude these option periods unless it is reasonably certain at lease commencement that the option will be exercised. Also, five leases include options that grant the lessee a right to purchase the property at various times at appraised fair market value or at a fixed price. For purposes of determining lease term, we exclude the impact of a purchase option unless it is reasonably certain at lease commencement that the lessee will exercise the option.