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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Lease Balances | As of September 30, 2019, our leased assets and liabilities consisted of the following (in thousands):
| September 30, 2019
Assets |
Operating lease right-of-use assets | $ | 82,976 |
Liabilities |
Operating lease liabilities | $ | 61,168 |
Lease Cost and Other Information | We incurred the following lease costs related to our operating leases (in thousands):
|  |  |  | Three Months Ended |  | Nine Months Ended
|  | Classification |  | September 30, 2019 |  | September 30, 2019
Operating lease cost (1) |  | Hotel operating expenses - other |  | $ | 1,510 |  |  | $ | 4,312 |
_______________________________________ (1) For the three and nine months ended September 30, 2019, operating lease cost includes approximately $445,000 and $1.1 million of variable lease cost associated with the ground leases and $129,000 and $366,000 of amortization costs related to the intangible assets that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows:
|  | Nine Months Ended
|  | September 30, 2019
Supplemental Cash Flows Information |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases (in thousands) |  | $ | 2,417 |
Weighted Average Remaining Lease Term |  |
Operating leases (1) |  | 47 years |
Weighted Average Discount Rate |  |
Operating leases (1) |  | 4.98 | %
_______________________________________ (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 September 30, 2019 were as follows (in thousands):
|  | Operating Leases
2019 |  | $ | 806 |
2020 |  | 3,258 |
2021 |  | 3,269 |
2022 |  | 3,224 |
2023 |  | 3,227 |
Thereafter |  | 151,666 |
Total future minimum lease payments |  | 165,450 |
Less: interest |  | (104,282 | )
Present value of lease liabilities |  | $ | 61,168 |
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 |

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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 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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