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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Operating Lease Revenue Recognized | The table below sets forth our allocation of lease revenue recognized between fixed contractual payments and variable lease payments (in thousands):
Lease revenue |  | For the Three Months Ended June 30, 2019 |  | For the Six Months Ended June 30, 2019
Fixed contractual payments |  | $ | 104,768 |  |  | $ | 210,103 |
Variable lease payments |  | 26,647 |  |  | 52,215 |
|  | $ | 131,415 |  |  | $ | 262,318 |
Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
Year Ending December 31, |  | June 30, 2019 |  | December 31, 2018
2019 (1) |  | $ | 201,662 |  |  | $ | 400,617 |
2020 |  | 356,626 |  |  | 337,646 |
2021 |  | 299,046 |  |  | 280,369 |
2022 |  | 262,281 |  |  | 246,329 |
2023 |  | 211,966 |  |  | 194,888 |
Thereafter |  | 586,076 |  |  | 523,932 |
|  | $ | 1,917,657 |  |  | $ | 1,983,781 |
(1) As of June 30, 2019, represents the six months ending December 31, 2019
Right-of-Use Assets and Lease Liabilities | Our right-of-use assets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | June 30, 2019
Right-of-use assets |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 27,434 |
Finance leases |  |  |  |
Property |  | Property - finance right-of-use assets |  | 40,476 |
Vehicles and office equipment |  | Prepaid expenses and other assets, net |  | 1,272 |
Total finance lease right-of-use assets |  |  |  | 41,748 |
Total right-of-use assets |  |  |  | $ | 69,182 |
Lease liabilities consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | June 30, 2019
Lease liabilities |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 16,640 |
Finance leases |  | Other liabilities |  | 1,228 |
Total lease liabilities |  |  |  | $ | 17,868 |
Lease Costs | The table below sets forth the weighted average terms and discount rates of our leases as of June 30, 2019:
Weighted average remaining lease term |  |
Operating leases |  | 69 years |
Finance leases |  | 2 years |
Weighted average discount rate |  |
Operating leases |  | 7.35 | %
Finance leases |  | 3.12 | %
The table below presents our total lease cost (in thousands):
Lease cost |  | Statement of Operations Location |  | For the Three Months Ended June 30, 2019 |  | For the Six Months Ended June 30, 2019
Operating lease cost |  |  |  |  |  |
Property leases |  | Property operating expenses |  | $ | 413 |  |  | $ | 826 |
Vehicles and office equipment |  | General, administrative and leasing expenses |  | 18 |  |  | 35 |
Finance lease cost |  |  |  |  |  |
Amortization of vehicles and office equipment right-of-use assets |  | General, administrative and leasing expenses |  | 116 |  |  | 229 |
Amortization of property right-of-use assets |  | Property operating expenses |  | 12 |  |  | 12 |
Interest on lease liabilities |  | Interest expense |  | 3 |  |  | 7 |
|  |  |  | $ | 562 |  |  | $ | 1,109 |
The table below presents the effect of lease payments on our consolidated statement of cash flows (in thousands):
Supplemental cash flow information |  | For the Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows for operating leases |  | $ | 550 |
Operating cash flows for financing leases |  | $ | 7 |
Financing cash flows for financing leases |  | $ | 110 |
Maturity of Lease Liabilities | Payments on leases as of June 30, 2019 were due as follows (in thousands):
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total
2019 (1) |  | $ | 554 |  |  | $ | 118 |  |  | $ | 672 |
2020 |  | 1,126 |  |  | 862 |  |  | 1,988 |
2021 |  | 1,111 |  |  | 202 |  |  | 1,313 |
2022 |  | 1,129 |  |  | 64 |  |  | 1,193 |
2023 |  | 1,134 |  |  | — |  |  | 1,134 |
Thereafter |  | 99,187 |  |  | — |  |  | 99,187 |
Total lease payments |  | 104,241 |  |  | 1,246 |  |  | 105,487 |
Less: Amount representing interest |  | (87,601 | ) |  | (18 | ) |  | (87,619 | )
Lease liability |  | $ | 16,640 |  |  | $ | 1,228 |  |  | $ | 17,868 |
(1) Represents the six months ending December 31, 2019. Future minimum rental payments on leases as of December 31, 2018 were due as follows (in thousands):
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total
2019 |  | $ | 1,101 |  |  | $ | 219 |  |  | $ | 1,320 |
2020 |  | 1,110 |  |  | 844 |  |  | 1,954 |
2021 |  | 1,094 |  |  | 184 |  |  | 1,278 |
2022 |  | 1,115 |  |  | 49 |  |  | 1,164 |
2023 |  | 1,119 |  |  | — |  |  | 1,119 |
Thereafter |  | 83,373 |  |  | — |  |  | 83,373 |
Total lease payments |  | $ | 88,912 |  |  | 1,296 |  |  | 90,208 |
Less: Amount representing interest |  | N/A |  |  | (24 | ) |  | (24 | )
Total |  | N/A |  |  | $ | 1,272 |  |  | $ | 90,184 |

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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 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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