Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Operating Lease Revenue Recognized The table below sets forth our allocation of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended September 30, For the Nine Months Ended September 30,
Lease revenue 2020 2019 2020 2019
Fixed $ 106,743  $ 102,389  $ 314,845  $ 311,226 
Variable 27,132  27,072  82,189  80,553 
$ 133,875  $ 129,461  $ 397,034  $ 391,779 
Fixed Contractual Payments Due
Fixed contractual payments due under our property leases were as follows (in thousands):
Year Ending December 31, September 30, 2020 December 31, 2019
2020 (1) $ 107,972  $ 388,310 
2021 410,966  336,482 
2022 362,892  299,356 
2023 307,346  245,661 
2024 258,059  195,246 
Thereafter 773,582  474,741 
$ 2,220,817  $ 1,939,796 

(1)As of September 30, 2020, represents the three months ending December 31, 2020.
Right-of-Use Assets and Lease Liabilities
Our property right-of-use assets consisted of the following (in thousands):
Leases Balance Sheet Location September 30, 2020 December 31, 2019
Right-of-use assets
Operating leases - Property Property - operating right-of-use assets $ 36,442  $ 27,864 
Finance leases - Property Property - finance right-of-use assets 40,432  40,458 
Total right-of-use assets $ 76,874  $ 68,322 

Property lease liabilities consisted of the following (in thousands):
Leases Balance Sheet Location September 30, 2020 December 31, 2019
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 26,382  $ 17,317 
Finance leases - Property Other liabilities 28  702 
Total lease liabilities $ 26,410  $ 18,019 
Lease Costs
The table below sets forth the weighted average terms and discount rates of our property leases as of September 30, 2020:
Weighted average remaining lease term
Operating leases 54 years
Finance leases
< 1 year
Weighted average discount rate
Operating leases 7.19  %
Finance leases 3.62  %

The table below presents our total property lease cost (in thousands):
Statement of Operations Location For the Three Months Ended September 30, For the Nine Months Ended September 30,
Lease cost 2020 2019 2020 2019
Operating lease cost
Property leases - fixed Property operating expenses $ 600  $ 413  $ 1,474  $ 1,239 
Property leases - variable Property operating expenses 105  —  107  — 
Finance lease cost
Amortization of property right-of-use assets
 Property operating expenses 9  9  27  21 
$ 714  $ 422  $ 1,608  $ 1,260 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Nine Months Ended September 30,
Supplemental cash flow information 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
 $ 987  $ 804 
Financing cash flows for financing leases
 $ 674  $ 14 
Finance Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of September 30, 2020
As of December 31, 2019
Year Ending December 31,  Operating leases Finance leases Total  Operating leases Finance leases Total
2020 (1) $ 615  $ —  $ 615  $ 1,092  $ 674  $ 1,766 
2021 2,513  14  2,527  1,138  14  1,152 
2022 2,566  14  2,580  1,162  14  1,176 
2023 2,601  —  2,601  1,167  —  1,167 
2024 2,636  —  2,636  1,173  —  1,173 
Thereafter 118,295  —  118,295  100,609  —  100,609 
Total lease payments 129,226  28  129,254  106,341  702  107,043 
Less: Amount representing interest (102,844) —  (102,844) (89,024) —  (89,024)
Lease liability $ 26,382  $ 28  $ 26,410  $ 17,317  $ 702  $ 18,019 

(1)As of September 30, 2020, represents the three months ending December 31, 2020.
Lessee, Operating Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of September 30, 2020
As of December 31, 2019
Year Ending December 31,  Operating leases Finance leases Total  Operating leases Finance leases Total
2020 (1) $ 615  $ —  $ 615  $ 1,092  $ 674  $ 1,766 
2021 2,513  14  2,527  1,138  14  1,152 
2022 2,566  14  2,580  1,162  14  1,176 
2023 2,601  —  2,601  1,167  —  1,167 
2024 2,636  —  2,636  1,173  —  1,173 
Thereafter 118,295  —  118,295  100,609  —  100,609 
Total lease payments 129,226  28  129,254  106,341  702  107,043 
Less: Amount representing interest (102,844) —  (102,844) (89,024) —  (89,024)
Lease liability $ 26,382  $ 28  $ 26,410  $ 17,317  $ 702  $ 18,019 

(1)As of September 30, 2020, represents the three months ending December 31, 2020.