13.

Leases

Blackstone enters into

non-cancelable

lease and sublease agreements primarily for office space, which expire on various dates through 2030. As of June 30, 2019, the weighted-average remaining lease term was 7.8 years, and the weighted-average discount rate was 2.5%.

The components of lease expense were as follows:


	Three Months Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Operating Lease Cost
Straight-Line Lease Cost (a)	$	22,545		$	44,410
Variable Lease Cost		3,795			6,900
Sublease Income		(168	)		(332	)

	$	26,172		$	50,978

(a)	Straight-line lease cost includes short-term leases, which are immaterial.

Supplemental cash flow information related to leases were as follows:


	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating Cash Flows from Operating Leases	$	24,283	$	46,415
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities		6,995		7,383

The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of June 30, 2019:


2019	$	40,794
2020		81,212
2021		85,914
2022		77,605
2023		75,757
Thereafter		272,369

Total Lease Payments (a)		633,651
Less: Imputed Interest		(59,032	)

Present Value of Operating Lease Liabilities	$	574,619

(a)	Excludes $ 113.3 million of lease payments for signed leases that have not yet commenced.

As of December 31, 2018, the aggregate minimum future payments, net of sublease income, required on operating leases are as follows:


2019	$	78,506
2020		72,191
2021		80,914
2022		79,094
2023		77,248
Thereafter		273,347

Total	$	661,300