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v3.19.3.a.u2

Leases (Tables) | 12 Months Ended
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Dec. 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 year ended December 31, 2019 (amounts in thousands):
|  | Year Ended December 31, 2019 |  |
Lease Income Type |  | Residential Leases |  |  | Retail Leases |  |  | Total |  |
Residential and retail rent |  | $ | 2,414,201 |  |  | $ | 71,988 |  |  | $ | 2,486,189 |  |
Utility recoveries (RUBS income) (1) |  |  | 67,659 |  |  |  | 917 |  |  |  | 68,576 |  |
Parking rent |  |  | 37,557 |  |  |  | 348 |  |  |  | 37,905 |  |
Storage rent |  |  | 3,745 |  |  |  | 71 |  |  |  | 3,816 |  |
Pet rent |  |  | 11,617 |  |  |  | — |  |  |  | 11,617 |  |
Total lease revenue (2) |  | $ | 2,534,779 |  |  | $ | 73,324 |  |  | $ | 2,608,103 |  |
(1) | RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.
(2) | Excludes other rental income of $92.6 million for the year ended December 31, 2019, which is accounted for under the revenue recognition standard discussed in Note 2.
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 December 31, 2019 (amounts in thousands):
|  | 2019 |
Right-of-use assets: |  |  |  |
Corporate office leases |  | $ | 41,596 |
Ground leases (finance) |  |  | 57,982 |
Ground leases (operating) |  |  | 413,196 |
Right-of-use assets |  | $ | 512,774 |
Lease liabilities: |  |  |  |
Corporate office leases |  | $ | 43,105 |
Ground leases (finance) |  |  | 23,239 |
Ground leases (operating) |  |  | 264,990 |
Lease liabilities |  | $ | 331,334 |
Summary of Ground Lease Intangibles | The following table summarizes the Company’s ground lease intangibles as of December 31, 2019 and 2018 (amounts in thousands):
Description |  | 2019 |  |  | 2018 |
Assets |  |  |  |  |  |  |  |
Ground lease intangibles |  | $ | 189,518 |  |  | $ | 191,918 |
Accumulated amortization |  |  | (29,861 | ) |  |  | (25,688 | )
Ground lease intangible assets, net (1) |  | $ | 159,657 |  |  | $ | 166,230 |
Liabilities |  |  |  |  |  |  |  |
Ground lease intangibles |  | $ | — |  |  | $ | 2,400 |
Accumulated amortization |  |  | — |  |  |  | (290 | )
Ground lease intangible liabilities, net (1) |  | $ | — |  |  | $ | 2,110 |
(1) | As of December 31, 2019, ground lease intangibles, net of accumulated amortization are included within the ROU assets on the consolidated balance sheets. As of December 31, 2018, the ground lease intangibles were included within other assets and other liabilities on the consolidated balance sheets.
Summary of the Effect of the Amortization for Ground Lease Intangibles | The following table provides a summary of the effect of the amortization for ground lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands):
Description |  | Income Statement Location |  | 2019 |  |  | 2018 |  |  | 2017 |
Ground lease intangible amortization |  | Property and Maintenance |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,369 | )
Summary of Aggregate Amortization for Ground Lease Intangibles | The following table provides a summary of the aggregate amortization for ground lease intangibles for each of the next five years (amounts in thousands):
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
Ground lease intangibles |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | )
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the year ended December 31, 2019 (amounts in thousands):
|  | Year Ended December 31, 2019 |
Lease cost: |  |  |  |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets |  | $ | — |
Interest on lease liabilities (capitalized) |  |  | 225 |
Operating lease cost: |  |  |  |
Corporate office leases |  |  | 3,937 |
Ground leases |  |  | 22,198 |
Variable lease cost: |  |  |  |
Corporate office leases |  |  | 1,489 |
Ground leases |  |  | 3,700 |
Total lease cost |  | $ | 31,549 |
|  | December 31, 2019 |
Other information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Investing cash flows from finance leases (capitalized) |  | $ | 34,922 |
Operating cash flows from operating leases: |  |  |  |
Corporate office leases |  | $ | 5,494 |
Ground leases |  | $ | 16,837 |
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 |  | $ | 44,298 |
Ground leases |  | $ | 422,018 |
Weighted-average remaining lease term – finance leases (1) |  | 19.7 years |
Weighted-average remaining lease term – operating leases: |  |  |  |
Corporate office leases |  | 18.1 years |
Ground leases |  | 56.2 years |
Weighted-average discount rate – finance leases |  |  | 3.0 | %
Weighted-average discount rate – operating leases: |  |  |  |
Corporate office leases |  |  | 3.2 | %
Ground leases |  |  | 5.0 | %
(1) | The weighted-average remaining lease term – finance leases does not include the remaining term of a fully prepaid finance lease entered into during the year ended December 31, 2019.
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 December 31, 2019:
(Payments)/Receipts Due by Year (in thousands) |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (567 | ) |  | $ | (578 | ) |  | $ | (590 | ) |  | $ | (601 | ) |  | $ | (614 | ) |  | $ | (33,850 | ) |  | $ | (36,800 | )
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (16,914 | ) |  | $ | (17,161 | ) |  | $ | (16,907 | ) |  | $ | (16,998 | ) |  | $ | (17,330 | ) |  | $ | (979,172 | ) |  | $ | (1,064,482 | )
Minimum Rent Receipts (b) |  | $ | 64,527 |  |  | $ | 61,817 |  |  | $ | 58,204 |  |  | $ | 50,906 |  |  | $ | 43,784 |  |  | $ | 154,898 |  |  | $ | 434,136 |
(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 December 31, 2019 (amounts in thousands):
|  | 2019 |
Total minimum rent payments |  | $ | 1,101,282 |
Less: Lease discount |  |  | 769,948 |
Lease liabilities |  | $ | 331,334 |

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