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v3.19.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases, Capital [Abstract] |
Schedule of Company's Lease Income | The following table summarizes the Company’s lease income:
| Three Months Ended March 31,
| 2019 |  | 2018
Operating lease income | $ | 294,222 |  |  | $ | 316,752 |
Interest income on direct financing leases | 13,524 |  |  | 13,266 |
Schedule of Components of Net Investment in DFLs | Net investment in DFLs consists of the following (dollars in thousands):
| March 31, 2019
Present value of minimum lease payments receivable | $ | 273,629 |
Present value of estimated residual value | 114,364 |
Less deferred selling profits | (24,598 | )
Net investment in direct financing leases | $ | 363,395 |
Properties subject to direct financing leases | 15 |
| December 31, 2018
Minimum lease payments receivable | $ | 1,013,976 |
Estimated residual value | 507,484 |
Less unearned income | (807,642 | )
Net investment in direct financing leases | $ | 713,818 |
Properties subject to direct financing leases | 29 |
Schedule of Future Minimum Lease Payments Contractually Due Under DFLs | The following table summarizes future minimum lease payments contractually due under DFLs at March 31, 2019 (in thousands):
Year |  | Amount
2019 (nine months) |  | $ | 29,365 |
2020 |  | 32,558 |
2021 |  | 31,989 |
2022 |  | 25,346 |
2023 |  | 24,774 |
Thereafter |  | 416,286 |
Undiscounted minimum lease payments receivable |  | 560,318 |
Less: imputed interest |  | (286,689 | )
Present value of minimum lease payments receivable |  | $ | 273,629 |
The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands):
Year |  | Amount
2019 |  | $ | 114,970 |
2020 |  | 63,308 |
2021 |  | 63,687 |
2022 |  | 58,135 |
2023 |  | 58,570 |
Thereafter |  | 655,306 |
|  | $ | 1,013,976 |
Summary of the Company's Internal Ratings for DFLs | The following table summarizes the Company’s internal ratings for DFLs at March 31, 2019 (dollars in thousands):
|  | Carrying Amount |  | Percentage of DFL Portfolio |  | Internal Ratings
Segment |  |  |  | Performing DFLs |  | Watch List DFLs |  | Workout DFLs
Senior housing triple-net |  | $ | 278,791 |  |  | 77 |  | $ | 278,791 |  |  | $ | — |  |  | $ | — |
Other non-reportable segments |  | 84,604 |  |  | 23 |  | 84,604 |  |  | — |  |  | — |
|  | $ | 363,395 |  |  | 100 |  | $ | 363,395 |  |  | $ | — |  |  | $ | — |
The following table summarizes the Company’s internal ratings for loans receivable at March 31, 2019 (dollars in thousands):
|  | Carrying Amount |  | Percentage of Loan Portfolio |  | Internal Ratings
Investment Type |  |  |  | Performing Loans |  | Watch List Loans |  | Workout Loans
Real estate secured |  | $ | 65,635 |  |  | 76 |  | $ | 65,635 |  |  | $ | — |  |  | $ | — |
Other secured |  | 20,504 |  |  | 24 |  | 20,504 |  |  | — |  |  | — |
|  | $ | 86,139 |  |  | 100 |  | $ | 86,139 |  |  | $ | — |  |  | $ | — |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of March 31, 2019 (in thousands):
Year |  | Amount
2019 (nine months) |  | $ | 733,816 |
2020 |  | 952,756 |
2021 |  | 884,923 |
2022 |  | 782,066 |
2023 |  | 703,054 |
Thereafter |  | 2,505,848 |
|  | $ | 6,562,463 |
The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands):
Year |  | Amount
2019 |  | $ | 971,417 |
2020 |  | 928,102 |
2021 |  | 853,451 |
2022 |  | 751,972 |
2023 |  | 675,537 |
Thereafter |  | 2,320,847 |
|  | $ | 6,501,326 |
Schedule of Other Lease Information | The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands):
|  | Three Months Ended March 31,
Lease Expense Information: |  | 2019 |  | 2018
Total lease expense(1) |  | $ | 4,803 |  |  | $ | 5,024 |
_______________________________________
(1) | Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations.
|  | Three Months Ended March 31,
Supplemental Cash Flow Information: |  | 2019 |  | 2018
Cash paid for amounts included in the measurement of lease liability: |  |  |  |
Operating cash flows for operating leases |  | $ | 3,963 |  |  | $ | 4,253 |
ROU asset obtained in exchange for new lease liability: |  |  |  |
Operating leases |  | $ | 880 |  |  | $ | — |
Weighted Average Lease Term and Discount Rate: |  | March 31, 2019
Weighted average remaining lease term (years): |  |
Operating leases |  | 52 |
Weighted average discount rate: |  |
Operating leases |  | 4.36 | %
Schedule of Future Minimum Lease Obligations | The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of March 31, 2019 (in thousands):
Year |  | Amount
2019 (nine months) |  | $ | 5,937 |
2020 |  | 7,816 |
2021 |  | 7,888 |
2022 |  | 8,028 |
2023 |  | 8,198 |
Thereafter |  | 471,083 |
Undiscounted minimum lease payments payable |  | 508,950 |
Less: imputed interest |  | (356,113 | )
Present value of lease liability |  | $ | 152,837 |
The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands):
Year |  | Amount
2019 |  | $ | 5,597 |
2020 |  | 5,687 |
2021 |  | 5,776 |
2022 |  | 5,862 |
2023 |  | 5,983 |
Thereafter |  | 466,130 |
|  | $ | 495,035 |

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- Definition Tabular disclosure of the components of the net amount due as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments. + References No definition available. + Details
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- Definition Tabular disclosure of components of lease income from direct financing lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=109225645&loc=SL77927221-108306 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919372-209981 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919396-209981 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919391-209981 + Details
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