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Leases (Tables) | 9 Months Ended
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Sep. 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 nine months and quarter ended September 30, 2019 (amounts in thousands):
|  | Nine Months Ended September 30, 2019 |  |  | Quarter Ended September 30, 2019 |
Lease Income Type |  | Residential Leases |  |  | Retail Leases |  |  | Total |  |  | Residential Leases |  |  | Retail Leases |  |  | Total |
Residential and retail rent |  | $ | 1,801,749 |  |  | $ | 54,616 |  |  | $ | 1,856,365 |  |  | $ | 611,020 |  |  | $ | 18,453 |  |  | $ | 629,473 |
Parking rent |  |  | 27,874 |  |  |  | 259 |  |  |  | 28,133 |  |  |  | 9,405 |  |  |  | 100 |  |  |  | 9,505 |
Storage rent |  |  | 2,796 |  |  |  | 51 |  |  |  | 2,847 |  |  |  | 940 |  |  |  | 20 |  |  |  | 960 |
Pet rent |  |  | 8,714 |  |  |  | — |  |  |  | 8,714 |  |  |  | 2,916 |  |  |  | — |  |  |  | 2,916 |
Total lease revenue (1) |  | $ | 1,841,133 |  |  | $ | 54,926 |  |  | $ | 1,896,059 |  |  | $ | 624,281 |  |  | $ | 18,573 |  |  | $ | 642,854 |
(1) | Excludes other rental income of $120.7 million for the nine months ended September 30, 2019 and $42.2 million for the quarter ended September 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 September 30, 2019 (amounts in thousands):
|  | 2019 |
Right-of-use assets: |  |  |  |
Corporate office leases |  | $ | 43,739 |
Ground leases (finance) |  |  | 23,201 |
Ground leases (operating) |  |  | 414,104 |
Right-of-use assets |  | $ | 481,044 |
Lease liabilities: |  |  |  |
Corporate office leases |  | $ | 45,237 |
Ground leases (finance) |  |  | 23,210 |
Ground leases (operating) |  |  | 264,865 |
Lease liabilities |  | $ | 333,312 |
Summary of Quantitative Disclosures for Lessees | The following table illustrates the quantitative disclosures for lessees as of and for the nine months and quarter ended September 30, 2019 (amounts in thousands):
|  | Nine Months Ended September 30, 2019 |  |  | Quarter Ended September 30, 2019 |
Lease cost: |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | — |  |  | $ | — |
Interest on lease liabilities (capitalized) |  |  | 55 |  |  |  | 55 |
Operating lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  |  | 2,753 |  |  |  | 935 |
Ground leases |  |  | 16,650 |  |  |  | 5,550 |
Short-term lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  |  | 168 |  |  |  | 56 |
Ground leases |  |  | — |  |  |  | — |
Variable lease cost: |  |  |  |  |  |  |  |
Corporate office leases |  |  | 1,130 |  |  |  | 361 |
Ground leases |  |  | 2,575 |  |  |  | 880 |
Total lease cost |  | $ | 23,331 |  |  | $ | 7,837 |
Summary of Quantitative Disclosures for Lessees Operating Lease Liabilities | The following table illustrates the quantitative disclosures for lessees as of and for the nine months ended September 30, 2019 (amounts in thousands):
|  | September 30, 2019 |
Other information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Investing cash flows from finance leases (capitalized) |  | $ | 47 |
Operating cash flows from operating leases: |  |  |  |
Corporate office leases |  | $ | 4,128 |
Ground leases |  | $ | 12,035 |
ROU assets obtained in exchange for new finance lease liabilities |  | $ | 23,201 |
ROU assets obtained in exchange for new operating lease liabilities: |  |  |  |
Corporate office leases |  | $ | 45,791 |
Ground leases |  | $ | 422,018 |
Weighted-average remaining lease term – finance leases |  | 19.9 years |
Weighted-average remaining lease term – operating leases: |  |  |  |
Corporate office leases |  | 19.2 years |
Ground leases |  | 56.4 years |
Weighted-average discount rate – finance leases |  |  | 3.0 | %
Weighted-average discount rate – operating leases: |  |  |  |
Corporate office leases |  |  | 3.2 | %
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 and financing leases for the next five years and thereafter as of September 30, 2019:
(Payments)/Receipts Due by Year (in thousands) |
|  | Remaining 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (141 | ) |  | $ | (567 | ) |  | $ | (578 | ) |  | $ | (590 | ) |  | $ | (601 | ) |  | $ | (614 | ) |  | $ | (33,850 | ) |  | $ | (36,941 | )
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (4,175 | ) |  | $ | (16,840 | ) |  | $ | (16,862 | ) |  | $ | (16,602 | ) |  | $ | (16,687 | ) |  | $ | (17,014 | ) |  | $ | (977,238 | ) |  | $ | (1,065,418 | )
Minimum Rent Receipts (b) |  | $ | 16,194 |  |  | $ | 63,409 |  |  | $ | 60,140 |  |  | $ | 56,624 |  |  | $ | 49,150 |  |  | $ | 41,950 |  |  | $ | 149,208 |  |  | $ | 436,675 |
(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 as of September 30, 2019 (amounts in thousands):
|  | 2019 |
Total minimum rent payments |  | $ | 1,102,359 |
Less: Lease discount |  |  | 769,047 |
Lease liabilities |  | $ | 333,312 |

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