Leases (Tables)

3 Months Ended

Mar. 31, 2019

The following table presents additional information pertaining to the Company’s operating leases:



	Three Months Ended March 31, 2019
Supplemental Statements of Operations Information	Three Months Ended March 31, 2019
Operating lease costs	$	1,711
Short-term lease costs	10
Variable lease costs	142
Total lease costs	$	1,863

	Three Months Ended March 31, 2019
Supplemental Statements of Cash Flows Information	Three Months Ended March 31, 2019
Operating cash outflows from operating leases	$	1,797
ROU assets obtained in exchange for operating lease liabilities	$	44,324

Operating Lease Liabilities	As of March 31, 2019
Future minimum operating lease payments:
2019 (remaining nine months)	$	5,180
2020	6,924
2021	6,964
2022	7,022
2023	5,635
Thereafter	30,912
Total future minimum operating lease payments	62,637
Less: imputed interest	(14,441		)
Operating lease liabilities	$	48,196

Supplemental Balance Sheets Information	As of March 31, 2019
Operating lease liabilities^(1)(2)(3)	$	48,196
ROU assets^(1)(2)(4)	$	43,146


⁽¹⁾	As of March 31, 2019, the weighted average remaining lease term was 11.3 years.


⁽²⁾	As of March 31, 2019, the weighted average discount rate was 4.30%.


⁽³⁾	These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.


⁽⁴⁾	These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum annual rental commitments as of and in-place at December 31, 2018 for the Company's ground and office leases during the next five years and thereafter are as follows:



Year ending December 31,
2019	$	6,929
2020	6,948
2021	7,157
2022	7,233
2023	5,827
Thereafter	43,876
Total minimum annual rental commitments	$	77,970