Leases

9 Months Ended

Sep. 30, 2019

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under nine of our hotels and one parking garage. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. As of September 30, 2019, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%.

The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	$	2,834	$	8,417
Variable lease payments	$	311	$	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$	835	$	2,421

Maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	As of September 30, 2019
2019 (excluding the nine months ended September 30, 2019)	$	818
2020	3,315
2021	4,805
2022	3,940
2023	3,997
Thereafter	763,100
Total lease payments	779,975
Less imputed interest	(677,005		)
Total lease liabilities	$	102,970

The future minimum annual rental commitments under all noncancelable operating leases in effect as of December 31, 2018, as determined prior to the adoption of ASC 842 and its related practical expedients, are as follows (in thousands):



Year Ending December 31,	As of December 31, 2018
2019	$	5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
	$	663,218