Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.1
Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Components of rental revenues
For the three months ended March 31, 2019, the components of rental revenues are as follows (in thousands):
Rental revenues - fixed
 
$
93,459

Rental revenues - variable (1)
 
26,495

Rental revenues
 
$
119,954

(1)
Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.
Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of March 31, 2019, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
For the remainder of 2019
 
$
241,203

2020
 
308,442

2021
 
270,437

2022
 
235,196

2023
 
200,954

2024
 
166,256

Thereafter
 
291,784

 
 
$
1,714,272

Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2019
 
$
285,343

2020
 
265,361

2021
 
229,553

2022
 
195,808

2023
 
164,845

Thereafter
 
364,844

 
 
$
1,505,754

Components of lease costs
For the three months ended March 31, 2019, the components of lease costs are as follows (in thousands):
Operating lease costs
 
$
1,404

Short-term lease costs
 
591

Variable lease costs (1)
 
78

Total lease costs
 
$
2,073

(1)
Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
Lease term and discount rates
The lease term and discount rates are as follows:
 
 
March 31, 2019
Weighted - average remaining lease term (years)
 
51

Weighted - average discount rate
 
5.0
%

Supplemental cash flow information
Supplemental Cash Flow Information

We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands):
 
 
As of
 
As of
 
 
March 31, 2019
 
March 31, 2018
Costs relating to construction included in accounts payable and accrued expenses
 
$
12,791

 
$
18,978



Dividends payable were as follows (in thousands):

 
 
As of
 
As of
 
 
March 31, 2019
 
March 31, 2018
Dividends payable
 
$
35,199

 
$


Interest paid, net of interest capitalized was as follows (in thousands):
 
 
Three months ended March 31,
 
 
2019
 
2018
Interest paid
 
$
16,022

 
$
15,903



Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of March 31, 2019 was as follows (in thousands):
 
 
March 31, 2019
Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities
 
$
87,679

Non-Cash operating lease liabilities exchanged for operating right-of-use assets
 
92,354



The difference between the recorded operating lease liabilities and operating right-of-use assets represents the accrued straight-line rent liability of $5.0 million and our prepaid rent balances of $307,000 previously recognized under Accounting Standards Codification Topic 840 “Leases” ("ASC 840") that were reclassified to the operating leases right-of use assets under ASC 842.
Cash flow information related to leases for the three months ended March 31, 2019 (in thousands):
 
 
March 31, 2019
Operating cash outflows related to operating leases
 
$
1,403

Maturity of lease liabilities
Maturities of lease liabilities as of March 31, 2019 for the next five years and thereafter are as follows (in thousands):
For the remainder of 2019
 
$
4,168

2020
 
5,568

2021
 
5,613

2022
 
5,669

2023
 
5,709

2024
 
5,765

Thereafter
 
226,837

Total lease payments
 
$
259,329

Less imputed interest
 
166,975

Present value of lease liabilities
 
$
92,354

Minimum lease payments
For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands):
2019
 
$
7,526

2020
 
7,311

2021
 
7,140

2022
 
7,127

2023
 
7,167

Thereafter
 
258,438

Total minimum payment
 
$
294,709