XML 45 R23.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases
14. Leases
Blackstone enters into non-cancelable lease and sublease agreements primarily for office space, which expire on various dates through 2043. Occupancy lease agreements, in addition to base rentals, generally are subject to
 
escalation provisions based on certain costs incurred by the landlord, and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes and insurance. At December 31, 2022 and 2021, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $12.3 million and $9.4 million, respectively. As of December 31, 2022, the weighted-average remaining lease term was 6.8 years, and the weighted-average discount rate was 1.5%.
The components of lease expense were as follows:
 
                                                                            
    
Year Ended December 31,
    
2022
   
2021
   
2020
Operating Lease Cost
                           
Straight-Line Lease Cost (a)
   
$
139,740
 
   
$
115,875
 
   
$
107,970
 
Variable Lease Cost (b)
   
 
12,072
 
   
 
10,959
 
   
 
15,426
 
Sublease Income
   
 
(888
) 
   
 
(1,695
) 
   
 
(2,191
) 
    
 
 
 
   
 
 
 
   
 
 
 
    
$
150,924
 
   
$
125,139
 
   
$
121,205
 
    
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Straight-line lease cost includes short-term leases, which are immaterial.
(b)
Variable lease cost approximates variable lease cash payments.
Supplemental cash flow information related to leases were as follows:
 
                                                                            
    
Year Ended December 31,
    
2022
   
2021
   
2020
Operating Cash Flows for Operating Lease Liabilities
   
$
107,249
 
   
$
96,007
 
   
$
102,364
 
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
   
$
278,010
 
   
$
352,298
 
   
$
153,433
 
The following table shows the undiscounted cash flows on an annual basis for Operating Lease
Liabilities
as of December 31, 2022:
 
                          
2023
   
$
142,159
 
2024
   
 
151,807
 
2025
   
 
163,407
 
2026
   
 
161,642
 
2027
   
 
158,244
 
Thereafter
   
 
296,207
 
    
 
 
 
Total Lease Payments (a)
   
 
1,073,466
 
Less: Imputed Interest
   
 
(52,012
) 
    
 
 
 
Present Value of Operating Lease Liabilities
   
$
1,021,454
 
    
 
 
 
 
(a)
Excludes signed leases that have not yet commenced.