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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Summary of Lease Income Types Relating to Lease Payments | The following table presents the lease income types relating to lease payments for residential and retail leases for the quarter ended March 31, 2019 (amounts in thousands):
|  | Quarter Ended March 31, 2019 |
Lease Income Type |  | Residential Leases |  |  | Retail Leases |  |  | Total |
Residential and retail rent |  | $ | 592,520 |  |  | $ | 18,470 |  |  | $ | 610,990 |
Parking rent |  |  | 9,137 |  |  |  | 72 |  |  |  | 9,209 |
Storage rent |  |  | 919 |  |  |  | 44 |  |  |  | 963 |
Pet rent |  |  | 2,887 |  |  |  | — |  |  |  | 2,887 |
Total lease revenue (1) |  | $ | 605,463 |  |  | $ | 18,586 |  |  | $ | 624,049 |
(1) | Excludes other rental income of $38.3 million, which is accounted for under the revenue recognition standard.
Summary of Right-of-Use Assets and Related Lease Liabilities | The following table presents the Company’s ROU assets and related lease liabilities as of March 31, 2019 (amounts in thousands):
|  | 2019 |
Right-of-use assets: |  |  |  |
Corporate office leases (1) |  | $ | 16,024 |
Ground leases |  |  | 418,659 |
Right-of-use assets |  | $ | 434,683 |
Lease liabilities: |  |  |  |
Corporate office leases (1) |  | $ | 17,585 |
Ground leases |  |  | 264,652 |
Lease liabilities |  | $ | 282,237 |
(1) | The Company has two corporate office leases that are considered short-term and therefore, there is no balance sheet impact and both leases continue to be expensed on a straight-line basis throughout the year.
Summary of Quantitative Disclosures for Lessees | The following table illustrates the quantitative disclosures for lessees as of and for the quarter ended March 31, 2019 (amounts in thousands):
|  | 2019 |
Lease cost: |  |  |  |
Operating lease cost: |  |  |  |
Corporate office leases |  | $ | 918 |
Ground leases |  |  | 5,550 |
Short-term lease cost: |  |  |  |
Corporate office leases |  |  | 56 |
Ground leases |  |  | — |
Variable lease cost: |  |  |  |
Corporate office leases |  |  | 261 |
Ground leases |  |  | 851 |
Total lease cost |  | $ | 7,636 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases: |  |  |  |
Corporate office leases |  | $ | 1,248 |
Ground leases |  | $ | 4,493 |
ROU assets obtained in exchange for new operating lease liabilities: |  |  |  |
Corporate office leases |  | $ | 16,687 |
Ground leases |  | $ | 422,018 |
Weighted-average remaining lease term – operating leases: |  |  |  |
Corporate office leases |  | 6.5 years |
Ground leases |  | 56.8 years |
Weighted-average discount rate – operating leases: |  |  |  |
Corporate office leases |  |  | 3.7 | %
Ground leases |  |  | 5.0 | %
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts | The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating leases for the next five years and thereafter as of March 31, 2019:
(Payments)/Receipts Due by Year (in thousands) |
|  | Remaining 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (12,607 | ) |  | $ | (17,208 | ) |  | $ | (17,148 | ) |  | $ | (14,993 | ) |  | $ | (14,843 | ) |  | $ | (15,101 | ) |  | $ | (938,561 | ) |  | $ | (1,030,461 | )
Minimum Rent Receipts (b) |  | $ | 49,268 |  |  | $ | 62,481 |  |  | $ | 58,439 |  |  | $ | 54,378 |  |  | $ | 46,987 |  |  | $ | 39,364 |  |  | $ | 135,548 |  |  | $ | 446,465 |
(a) | Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee.
(b) | Minimum basic rent receipts due for various retail space where the Company is the lessor. Excludes residential leases due to their short-term nature.
Summary of Reconciliation of Lease Liabilities | The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments for the quarter ended March 31, 2019 (amount in thousands):
|  | 2019 |
Total minimum rent payments |  | $ | 1,030,461 |
Less: Lease discount |  |  | (748,224 | )
Lease liabilities |  | $ | 282,237 |

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