Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating Lease Revenue Recognized The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Years Ended December 31,
Lease revenue 2020 2019
Fixed $ 425,593  $ 412,342 
Variable 110,534  110,130 
$ 536,127  $ 522,472 
Sales-type leases fixed contractual payments due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of December 31, 2020
Year Ending December 31, Operating leases Sales-type leases
2021 $ 424,585  $ 871 
2022 378,573  949 
2023 324,917  949 
2024 276,488  949 
2025 197,677  949 
Thereafter 745,303  4,464 
Total contractual payments $ 2,347,543  9,131 
Less: Amount representing interest (2,558)
Net investment in sales-type leases $ 6,573 
Operating leases fixed contractual payments due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of December 31, 2020
Year Ending December 31, Operating leases Sales-type leases
2021 $ 424,585  $ 871 
2022 378,573  949 
2023 324,917  949 
2024 276,488  949 
2025 197,677  949 
Thereafter 745,303  4,464 
Total contractual payments $ 2,347,543  9,131 
Less: Amount representing interest (2,558)
Net investment in sales-type leases $ 6,573 
Right-of-Use Assets and Lease Liabilities
Our property right-of-use assets consisted of the following (in thousands):
As of December 31,
Leases Balance Sheet Location 2020 2019
Right-of-use assets
Operating leases - Property Property - operating right-of-use assets $ 40,570  $ 27,864 
Finance leases - Property Property - finance right-of-use assets 40,425  40,458 
Total right-of-use assets $ 80,995  $ 68,322 

Property lease liabilities consisted of the following (in thousands):
As of December 31,
Leases Balance Sheet Location 2020 2019
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 30,746  $ 17,317 
Finance leases - Property Other liabilities 28  702 
Total lease liabilities $ 30,774  $ 18,019 
Lease Costs
The table below sets forth the weighted average terms and discount rates of our property leases as of December 31, 2020:
Weighted average remaining lease term
Operating leases 50 years
Finance leases
< 1 year
Weighted average discount rate
Operating leases 7.21  %
Finance leases 3.62  %

The table below presents our total property lease cost (in thousands):
For the Years Ended December 31,
Lease cost Statement of Operations Location 2020 2019
Operating lease cost
Property leases - fixed Property operating expenses $ 2,413  $ 1,664 
Property leases - variable Property operating expenses 127  4 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 34  30 
$ 2,574  $ 1,698 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Years Ended December 31,
Supplemental cash flow information 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $ 1,694  $ 1,004 
Financing cash flows for financing leases $ 674  $ 14 
Finance Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of December 31, 2020
As of December 31, 2019
Year Ending December 31,  Operating
leases		 Finance
leases		 Total Operating
leases		 Finance
leases		 Total
2020 N/A N/A N/A $ 1,092  $ 674  $ 1,766 
2021 $ 3,211  $ 14  $ 3,225  1,138  14  1,152 
2022 3,332  14  3,346  1,162  14  1,176 
2023 3,382  —  3,382  1,167  —  1,167 
2024 3,434  —  3,434  1,173  —  1,173 
2025 1,780  —  1,780  N/A N/A N/A
Thereafter 126,350  —  126,350  100,609  —  100,609 
Total lease payments 141,489  28  141,517  106,341  702  107,043 
Less: Amount representing interest (110,743) —  (110,743) (89,024) —  (89,024)
Lease liability $ 30,746  $ 28  $ 30,774  $ 17,317  $ 702  $ 18,019 
Operating Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of December 31, 2020
As of December 31, 2019
Year Ending December 31,  Operating
leases		 Finance
leases		 Total Operating
leases		 Finance
leases		 Total
2020 N/A N/A N/A $ 1,092  $ 674  $ 1,766 
2021 $ 3,211  $ 14  $ 3,225  1,138  14  1,152 
2022 3,332  14  3,346  1,162  14  1,176 
2023 3,382  —  3,382  1,167  —  1,167 
2024 3,434  —  3,434  1,173  —  1,173 
2025 1,780  —  1,780  N/A N/A N/A
Thereafter 126,350  —  126,350  100,609  —  100,609 
Total lease payments 141,489  28  141,517  106,341  702  107,043 
Less: Amount representing interest (110,743) —  (110,743) (89,024) —  (89,024)
Lease liability $ 30,746  $ 28  $ 30,774  $ 17,317  $ 702  $ 18,019