Marcus & Millichap, Inc. Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2019

The operating lease cost consisted of the following (in thousands):


	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Operating lease cost:
Lease cost (1)	$	6,106		$	12,015
Variable lease cost (2)		1,284			2,490
Sublease income		(43	)		(131	)

	$	7,347		$	14,374

(1)	Includes short-term lease cost and ROU asset amortization.

(2)	Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.

Maturities of lease liabilities

Maturities of lease liabilities by fiscal year consisted of the following (in thousands):


	June 30, 2019
Remainder of 2019	$	10,242
2020		20,469
2021		17,842
2022		13,820
2023		10,741
Thereafter		21,237

Total future minimum lease payments		94,351
Less imputed interest		(9,522	)

Present value of operating lease liabilities	$	84,829

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):


	Six Months Ended June 30, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,973
Noncash activity:
ROU assets obtained in exchange for operating lease liabilities	$	16,264
Tenant improvements owned by lessor related to ROU assets (1)	$	2,532

(1)	Reclassification from other assets current.

Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases

Other information related to the operating leases consisted of the following:


	June 30, 2019
Weighted average remaining operating lease term		5.35 years
Weighted average discount rate		3.9	%

Schedule of Other Information Related to Operating Leases

Prior to the adoption of the new leases standard (as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018), future minimum lease payments under non-cancelable operating leases for office facilities and autos with terms in excess of one year consisted of the following (in thousands):


	December 31, 2018
2019	$	19,649
2020		19,287
2021		16,833
2022		12,368
2023		8,805
Thereafter		10,452

	$	87,394