Leases (Tables)

3 Months Ended

Mar. 31, 2019

As of March 31, 2019, our leased assets and liabilities consisted of the following (in thousands):



	March 31, 2019
Assets
Operating lease right-of-use assets	$	82,308
Liabilities
Operating lease liabilities	$	60,617

Lease Cost and Other Information

We incurred the following lease costs related to our operating leases (in thousands):

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⁽¹⁾Includes variable lease costs associated with the ground leases and short-term leases, which are immaterial.

⁽²⁾Includes approximately $323,000 of variable lease cost and $119,000 of amortization costs related to the intangible assets that was reclassified upon adoption of ASC 842.

Other information related to leases is as follows:



	Three Months Ended March 31, 2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$	782
Weighted Average Remaining Lease Term
Operating leases ⁽¹⁾	48 years
Weighted Average Discount Rate
Operating leases ⁽¹⁾	4.96		%

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⁽¹⁾Calculated using the lease term, excluding extension options, and discount rates of the ground leases.

Maturities of Operating Lease Liabilities

Future minimum lease payments due under non-cancellable leases as of March 31, 2019 were as follows (in thousands):



	Operating Leases
2019	$	2,346
2020	3,140
2021	3,152
2022	3,164
2023	3,176
Thereafter	150,980
Total future minimum lease payments	165,958
Less: interest	(105,341		)
Present value of lease liabilities	$	60,617

Future Minimum Lease Payments

Future minimum lease payments due under non-cancellable leases under ASC 840 as of December 31, 2018 were as follows (in thousands):



2019	$	3,161
2020	3,156
2021	3,152
2022	3,164
2023	3,177
Thereafter	151,244
Total	$	167,054

Classification

Three Months Ended March 31, 2019

Operating lease cost ^{(1) (2)}

Hotel operating expenses - other