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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of September 30, 2019 (in thousands):

	Operating				Finance
October 1, 2019 - December 31, 2019	$	2,426			$	150
2020	10,050				907
2021	24,953				5,958
2022	18,041				10,208
2023	10,345				9,708
Thereafter (1)	567,232				1,431,760
Total lease payments	633,047				1,458,691
Less: interest portion	(433,292		)		(1,237,662		)
Present value of lease payments	$	199,755			$	221,029

Lease, Cost [Table Text Block]

The following table provides lease cost information for the Company’s operating and finance leases for the three and nine months ended September 30, 2019 (in thousands):

	Three months ended September 30, 2019				Nine months ended September 30, 2019
Lease costs
Operating lease costs	$	3,637			$	10,970
Finance lease costs
Amortization of right of use asset (1)	$	12			$	14
Interest on lease liabilities (2)	$	12			$	36

_______________

(1) The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to

have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy.

(2) Three of the finance leases relate to assets under development and as such, the entire interest amount was capitalized.

The following table provides other quantitative information for the Company’s operating and finance leases as of September 30, 2019:

	September 30, 2019
Other information
Weighted-average remaining lease term (in years)
Operating leases	51
Finance leases	72
Weighted-average discount rate
Operating leases	5.7	%
Finance leases	6.2	%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table provides a maturity analysis for the Company’s future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114:

Years Ending December 31,	(in thousands)
2019	$	11,425
2020	18,425
2021	25,310
2022	8,894
2023	9,084
Thereafter	567,232

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

The following table provides a maturity analysis for the Company's future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036:

Years Ending December 31,	(in thousands)
2019	$	1,441
2020	12,682
2021	2,123
2022	1,253
2023	944
Thereafter	73,241
Total expected minimum lease payments	91,684
Interest portion	(27,497		)
Present value of expected net minimum lease payments	$	64,187

Finance Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of September 30, 2019 (in thousands):

	Operating				Finance
October 1, 2019 - December 31, 2019	$	2,426			$	150
2020	10,050				907
2021	24,953				5,958
2022	18,041				10,208
2023	10,345				9,708
Thereafter (1)	567,232				1,431,760
Total lease payments	633,047				1,458,691
Less: interest portion	(433,292		)		(1,237,662		)
Present value of lease payments	$	199,755			$	221,029

_______________

(1)

Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise.

Operating Lease, Lease Income [Table Text Block]

The following table summarizes the components of lease revenue recognized during the three and nine months ended September 30, 2019 included within the Company’s Consolidated Statements of Operations (in thousands):

Lease Revenue		Three months ended September 30, 2019				Nine months ended September 30, 2019
Fixed contractual payments		$	566,294			$	1,678,100
Variable lease payments		125,931				373,565
		$	692,225			$	2,051,665

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2018, under non-cancelable operating leases which expire on various dates through 2049: 

Years Ending December 31,	(in thousands)
2019	$	2,088,171
2020	2,106,963
2021	2,015,031
2022	1,838,699
2023	1,736,636
Thereafter	12,295,464

The future contractual lease payments to be received (excluding operating expense reimbursements) by the Company as of September 30, 2019, under non-cancelable operating leases which expire on various dates through 2049: 

	(in thousands)
October 1, 2019 - December 31, 2019	$	530,470
2020	2,196,428
2021	2,177,016
2022	2,050,537
2023	1,980,918
Thereafter	15,447,131

X

- Definition

The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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+ References

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+ References

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-Publisher FASB
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-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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-Publisher FASB
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-Topic 842
-SubTopic 30
-Section 50
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Tabular disclosure of components of income from operating lease.

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-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919372-209981

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

+ References

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