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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized under ASC Topic 842, Leases, as either fixed or variable lease income based on the criteria specified in ASC 842:
(in thousands) |  | Three months ended September 30, 2019 |  |  |  | Nine months ended September 30, 2019 |
Operating lease income |  |  |  |  |  |  |  |  |
Fixed and in-substance fixed lease income |  | $ | 203,407 |  |  |  |  | 602,698 |
Variable lease income |  |  | 59,872 |  |  |  |  | 185,317 |
Other lease related income, net |  |  |  |  |  |  |  |  |
Above/below market rent amortization |  |  | 11,086 |  |  |  |  | 31,334 |
Uncollectible amounts in lease income |  |  | (2,222 | ) |  |  |  | (3,667 | )
Total lease income |  | $ | 272,143 |  |  |  |  | 815,682 |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:
(in thousands) |  | Future Minimum Rents as of |
Year Ending December 31, |  | September 30, 2019 |  |  |  | December 31, 2018 |
2019 |  | $ | 198,877 |  | (1) |  |  | 761,151 |
2020 |  |  | 765,960 |  |  |  |  | 693,848 |
2021 |  |  | 685,457 |  |  |  |  | 608,587 |
2022 |  |  | 593,471 |  |  |  |  | 516,369 |
2023 |  |  | 489,035 |  |  |  |  | 414,424 |
Thereafter |  |  | 1,925,998 |  |  |  |  | 1,691,203 |
Total |  | $ | 4,658,798 |  |  |  |  | 4,685,582 |
(1) The future minimum rental income as of September 30, 2019 includes amounts due between October 1, 2019 and December 31, 2019.
Lessee, Operating Lease Costs, Description | Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:
(in thousands) |  | Three months ended September 30, 2019 |  |  | Nine months ended September 30, 2019 |
Operating lease expense |  |  |  |  |  |  |  |
Ground leases |  | $ | 3,514 |  |  |  | 10,714 |
Office leases |  |  | 1,066 |  |  |  | 3,173 |
Total fixed operating lease expense |  |  | 4,580 |  |  |  | 13,887 |
Variable lease expense |  |  |  |  |  |  |  |
Ground leases |  |  | 364 |  |  |  | 1,236 |
Office leases |  |  | 137 |  |  |  | 410 |
Total variable lease expense |  |  | 501 |  |  |  | 1,646 |
Total lease expense |  | $ | 5,081 |  |  |  | 15,533 |
Cash paid for amounts included in the measurement of operating lease liabilities |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 3,684 |  |  |  | 11,096 |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities under ground and office leases as of September 30, 2019, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:
(in thousands) |  | Lease liabilities |
Year Ending December 31, |  | Ground Leases |  |  | Office Leases |  |  | Total |
2019 (1) |  | $ | 2,668 |  |  |  | 1,281 |  |  |  | 3,949 |
2020 |  |  | 10,707 |  |  |  | 5,079 |  |  |  | 15,786 |
2021 |  |  | 10,674 |  |  |  | 3,969 |  |  |  | 14,643 |
2022 |  |  | 10,698 |  |  |  | 3,002 |  |  |  | 13,700 |
2023 |  |  | 10,914 |  |  |  | 2,301 |  |  |  | 13,215 |
Thereafter |  |  | 564,080 |  |  |  | 6,344 |  |  |  | 570,424 |
Total undiscounted lease liabilities |  | $ | 609,741 |  |  |  | 21,976 |  |  |  | 631,717 |
Present value discount |  |  | (405,850 | ) |  |  | (2,286 | ) |  |  | (408,136 | )
Lease liabilities |  | $ | 203,891 |  |  |  | 19,690 |  |  |  | 223,581 |
Weighted average discount rate |  | 5.2% |  |  | 3.9% |  |  |  |  |
Weighted average remaining term |  | 49.4 years |  |  | 5.7 years |  |  |  |  |
(1) The undiscounted lease liability maturities shown as of September 30, 2019, includes amounts due between October 1, 2019 and December 31, 2019.
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future obligations under non-cancelable operating leases, excluding unexercised renewal options, as of December 31, 2018:
(in thousands) |  | Future Lease Obligations |
Year Ending December 31, |  | Ground Leases |  |  |  | Office Leases |  |  | Total |
2019 |  | $ | 10,672 |  |  |  |  | 4,405 |  |  |  | 15,077 |
2020 |  |  | 10,439 |  |  |  |  | 4,294 |  |  |  | 14,733 |
2021 |  |  | 10,344 |  |  |  |  | 3,549 |  |  |  | 13,893 |
2022 |  |  | 10,258 |  |  |  |  | 2,893 |  |  |  | 13,151 |
2023 |  |  | 10,369 |  |  |  |  | 2,189 |  |  |  | 12,558 |
Thereafter |  |  | 461,762 |  |  |  |  | 5,944 |  |  |  | 467,706 |
Total |  | $ | 513,844 |  |  |  |  | 23,274 |  |  |  | 537,118 |

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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=119202524&loc=SL77919396-209981 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: 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=119202524&loc=SL77919372-209981 Reference 2: 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=118952077&loc=SL77927221-108306 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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