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Leases (Tables) | 6 Months Ended
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Jun. 30, 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 six months and quarter ended June 30, 2019 (amounts in thousands):
|  | Six Months Ended June 30, 2019 |  |  | Quarter Ended June 30, 2019 |
Lease Income Type |  | Residential Leases |  |  | Retail Leases |  |  | Total |  |  | Residential Leases |  |  | Retail Leases |  |  | Total |
Residential and retail rent |  | $ | 1,190,729 |  |  | $ | 36,163 |  |  | $ | 1,226,892 |  |  | $ | 598,209 |  |  | $ | 17,693 |  |  | $ | 615,902 |
Parking rent |  |  | 18,469 |  |  |  | 159 |  |  |  | 18,628 |  |  |  | 9,332 |  |  |  | 87 |  |  |  | 9,419 |
Storage rent |  |  | 1,856 |  |  |  | 31 |  |  |  | 1,887 |  |  |  | 937 |  |  |  | (13 | ) |  |  | 924 |
Pet rent |  |  | 5,798 |  |  |  | — |  |  |  | 5,798 |  |  |  | 2,911 |  |  |  | — |  |  |  | 2,911 |
Total lease revenue (1) |  | $ | 1,216,852 |  |  | $ | 36,353 |  |  | $ | 1,253,205 |  |  | $ | 611,389 |  |  | $ | 17,767 |  |  | $ | 629,156 |
(1) | Excludes other rental income of $78.5 million for the six months ended June 30, 2019 and $40.2 million for the quarter ended June 30, 2019, 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 June 30, 2019 (amounts in thousands):
|  | 2019 |
Right-of-use assets: |  |  |  |
Corporate office leases (1) |  | $ | 15,381 |
Ground leases |  |  | 416,372 |
Right-of-use assets |  | $ | 431,753 |
Lease liabilities: |  |  |  |
Corporate office leases (1) |  | $ | 16,879 |
Ground leases |  |  | 264,741 |
Lease liabilities |  | $ | 281,620 |
(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 six months and quarter ended June 30, 2019 (amounts in thousands):
|  | Six Months Ended June 30, 2019 |  |  | Quarter Ended June 30, 2019 |
Lease cost: |  |  |  |  |  |  |  |
Operating lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  | $ | 1,818 |  |  | $ | 900 |
Ground leases |  |  | 11,100 |  |  |  | 5,550 |
Short-term lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  |  | 112 |  |  |  | 56 |
Ground leases |  |  | — |  |  |  | — |
Variable lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  |  | 769 |  |  |  | 508 |
Ground leases |  |  | 1,695 |  |  |  | 844 |
Total lease cost |  | $ | 15,494 |  |  | $ | 7,858 |
Summary of Quantitative Disclosures for Lessees Operating Lease Liabilities | The following table illustrates the quantitative disclosures for lessees as of and for the six months ended June 30, 2019 (amounts in thousands):
|  | June 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases: |  |  |  |
Corporate office leases |  | $ | 2,776 |
Ground leases |  | $ | 8,635 |
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 |  | 6.4 years |
Ground leases |  | 56.6 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 June 30, 2019:
(Payments)/Receipts Due by Year (in thousands) |
|  | Remaining 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (8,339 | ) |  | $ | (17,208 | ) |  | $ | (17,148 | ) |  | $ | (14,993 | ) |  | $ | (14,843 | ) |  | $ | (15,101 | ) |  | $ | (938,561 | ) |  | $ | (1,026,193 | )
Minimum Rent Receipts (b) |  | $ | 31,779 |  |  | $ | 61,674 |  |  | $ | 57,935 |  |  | $ | 54,099 |  |  | $ | 46,417 |  |  | $ | 39,356 |  |  | $ | 139,599 |  |  | $ | 430,859 |
(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 six months ended June 30, 2019 (amounts in thousands):
|  | 2019 |
Total minimum rent payments |  | $ | 1,026,193 |
Less: Lease discount |  |  | 744,573 |
Lease liabilities |  | $ | 281,620 |

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