Leases
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| Leases [Abstract] |
|
| Leases |
Leases Lessor Arrangements
We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense
recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
| Lease revenue |
|
2021 |
|
2020 |
|
|
|
|
| Fixed |
|
$ |
112,425 |
|
|
$ |
104,109 |
|
|
|
|
|
| Variable |
|
32,199 |
|
|
26,903 |
|
|
|
|
|
|
|
$ |
144,624 |
|
|
$ |
131,012 |
|
|
|
|
|
Fixed contractual payments due under our property leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
| Year Ending December 31, |
|
Operating leases |
|
Sales-type leases |
|
|
|
|
|
| 2021 (1) |
|
$ |
316,963 |
|
|
$ |
662 |
|
| 2022 |
|
382,423 |
|
|
960 |
|
| 2023 |
|
328,713 |
|
|
960 |
|
| 2024 |
|
280,360 |
|
|
960 |
|
| 2025 |
|
201,594 |
|
|
960 |
|
| Thereafter |
|
752,774 |
|
|
4,516 |
|
| Total contractual payments |
|
$ |
2,262,827 |
|
|
9,018 |
|
| Less: Amount representing interest |
|
|
|
(2,511) |
|
| Net investment in sales-type leases |
|
|
|
$ |
6,507 |
|
(1)Represents the nine months ending December 31, 2021.
Lessee Arrangements
As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Right-of-use assets |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating right-of-use assets |
|
$ |
39,810 |
|
|
$ |
40,570 |
|
| Finance leases - Property |
|
Property - finance right-of-use assets |
|
40,091 |
|
|
40,425 |
|
| Total right-of-use assets |
|
|
|
$ |
79,901 |
|
|
$ |
80,995 |
|
Property lease liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Lease liabilities |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating lease liabilities |
|
$ |
30,176 |
|
|
$ |
30,746 |
|
| Finance leases - Property |
|
Other liabilities |
|
28 |
|
|
28 |
|
| Total lease liabilities |
|
|
|
$ |
30,204 |
|
|
$ |
30,774 |
|
The table below sets forth the weighted average terms and discount rates of our property leases as of March 31, 2021:
|
|
|
|
|
|
|
|
|
| Weighted average remaining lease term |
|
|
| Operating leases |
|
50 years |
| Finance leases |
|
< 1 year |
| Weighted average discount rate |
|
|
| Operating leases |
|
7.16 |
% |
| Finance leases |
|
3.62 |
% |
The table below presents our total property lease cost (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Location |
|
For the Three Months Ended March 31, |
|
|
| Lease cost |
|
|
2021 |
|
2020 |
|
|
|
|
| Operating lease cost |
|
|
|
|
|
|
|
|
|
|
| Property leases - fixed |
|
Property operating expenses |
|
$ |
973 |
|
|
$ |
427 |
|
|
|
|
|
| Property leases - variable |
|
Property operating expenses |
|
10 |
|
|
4 |
|
|
|
|
|
| Finance lease cost |
|
|
|
|
|
|
|
|
|
|
Amortization of property right-of-use assets |
|
Property operating expenses |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
992 |
|
|
$ |
440 |
|
|
|
|
|
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
| Supplemental cash flow information |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows for operating leases |
|
|
$ |
782 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on property leases were due as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
| Year Ending December 31, |
|
Operating leases |
|
Finance leases |
|
Total |
|
|
|
|
|
|
| 2021 (1) |
|
$ |
2,408 |
|
|
$ |
14 |
|
|
$ |
2,422 |
|
|
|
|
|
|
|
| 2022 |
|
3,297 |
|
|
14 |
|
|
3,311 |
|
|
|
|
|
|
|
| 2023 |
|
3,352 |
|
|
— |
|
|
3,352 |
|
|
|
|
|
|
|
| 2024 |
|
3,403 |
|
|
— |
|
|
3,403 |
|
|
|
|
|
|
|
| 2025 |
|
1,749 |
|
|
— |
|
|
1,749 |
|
|
|
|
|
|
|
| Thereafter |
|
123,979 |
|
|
— |
|
|
123,979 |
|
|
|
|
|
|
|
| Total lease payments |
|
138,188 |
|
|
28 |
|
|
138,216 |
|
|
|
|
|
|
|
| Less: Amount representing interest |
|
(108,012) |
|
|
— |
|
|
(108,012) |
|
|
|
|
|
|
|
| Lease liability |
|
$ |
30,176 |
|
|
$ |
28 |
|
|
$ |
30,204 |
|
|
|
|
|
|
|
(1)Represents the nine months ending December 31, 2021.
|
| Leases |
Leases Lessor Arrangements
We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense
recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
| Lease revenue |
|
2021 |
|
2020 |
|
|
|
|
| Fixed |
|
$ |
112,425 |
|
|
$ |
104,109 |
|
|
|
|
|
| Variable |
|
32,199 |
|
|
26,903 |
|
|
|
|
|
|
|
$ |
144,624 |
|
|
$ |
131,012 |
|
|
|
|
|
Fixed contractual payments due under our property leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
| Year Ending December 31, |
|
Operating leases |
|
Sales-type leases |
|
|
|
|
|
| 2021 (1) |
|
$ |
316,963 |
|
|
$ |
662 |
|
| 2022 |
|
382,423 |
|
|
960 |
|
| 2023 |
|
328,713 |
|
|
960 |
|
| 2024 |
|
280,360 |
|
|
960 |
|
| 2025 |
|
201,594 |
|
|
960 |
|
| Thereafter |
|
752,774 |
|
|
4,516 |
|
| Total contractual payments |
|
$ |
2,262,827 |
|
|
9,018 |
|
| Less: Amount representing interest |
|
|
|
(2,511) |
|
| Net investment in sales-type leases |
|
|
|
$ |
6,507 |
|
(1)Represents the nine months ending December 31, 2021.
Lessee Arrangements
As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Right-of-use assets |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating right-of-use assets |
|
$ |
39,810 |
|
|
$ |
40,570 |
|
| Finance leases - Property |
|
Property - finance right-of-use assets |
|
40,091 |
|
|
40,425 |
|
| Total right-of-use assets |
|
|
|
$ |
79,901 |
|
|
$ |
80,995 |
|
Property lease liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Lease liabilities |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating lease liabilities |
|
$ |
30,176 |
|
|
$ |
30,746 |
|
| Finance leases - Property |
|
Other liabilities |
|
28 |
|
|
28 |
|
| Total lease liabilities |
|
|
|
$ |
30,204 |
|
|
$ |
30,774 |
|
The table below sets forth the weighted average terms and discount rates of our property leases as of March 31, 2021:
|
|
|
|
|
|
|
|
|
| Weighted average remaining lease term |
|
|
| Operating leases |
|
50 years |
| Finance leases |
|
< 1 year |
| Weighted average discount rate |
|
|
| Operating leases |
|
7.16 |
% |
| Finance leases |
|
3.62 |
% |
The table below presents our total property lease cost (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Location |
|
For the Three Months Ended March 31, |
|
|
| Lease cost |
|
|
2021 |
|
2020 |
|
|
|
|
| Operating lease cost |
|
|
|
|
|
|
|
|
|
|
| Property leases - fixed |
|
Property operating expenses |
|
$ |
973 |
|
|
$ |
427 |
|
|
|
|
|
| Property leases - variable |
|
Property operating expenses |
|
10 |
|
|
4 |
|
|
|
|
|
| Finance lease cost |
|
|
|
|
|
|
|
|
|
|
Amortization of property right-of-use assets |
|
Property operating expenses |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
992 |
|
|
$ |
440 |
|
|
|
|
|
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
| Supplemental cash flow information |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows for operating leases |
|
|
$ |
782 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on property leases were due as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
| Year Ending December 31, |
|
Operating leases |
|
Finance leases |
|
Total |
|
|
|
|
|
|
| 2021 (1) |
|
$ |
2,408 |
|
|
$ |
14 |
|
|
$ |
2,422 |
|
|
|
|
|
|
|
| 2022 |
|
3,297 |
|
|
14 |
|
|
3,311 |
|
|
|
|
|
|
|
| 2023 |
|
3,352 |
|
|
— |
|
|
3,352 |
|
|
|
|
|
|
|
| 2024 |
|
3,403 |
|
|
— |
|
|
3,403 |
|
|
|
|
|
|
|
| 2025 |
|
1,749 |
|
|
— |
|
|
1,749 |
|
|
|
|
|
|
|
| Thereafter |
|
123,979 |
|
|
— |
|
|
123,979 |
|
|
|
|
|
|
|
| Total lease payments |
|
138,188 |
|
|
28 |
|
|
138,216 |
|
|
|
|
|
|
|
| Less: Amount representing interest |
|
(108,012) |
|
|
— |
|
|
(108,012) |
|
|
|
|
|
|
|
| Lease liability |
|
$ |
30,176 |
|
|
$ |
28 |
|
|
$ |
30,204 |
|
|
|
|
|
|
|
(1)Represents the nine months ending December 31, 2021.
|
| Leases |
Leases Lessor Arrangements
We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense
recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
| Lease revenue |
|
2021 |
|
2020 |
|
|
|
|
| Fixed |
|
$ |
112,425 |
|
|
$ |
104,109 |
|
|
|
|
|
| Variable |
|
32,199 |
|
|
26,903 |
|
|
|
|
|
|
|
$ |
144,624 |
|
|
$ |
131,012 |
|
|
|
|
|
Fixed contractual payments due under our property leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
| Year Ending December 31, |
|
Operating leases |
|
Sales-type leases |
|
|
|
|
|
| 2021 (1) |
|
$ |
316,963 |
|
|
$ |
662 |
|
| 2022 |
|
382,423 |
|
|
960 |
|
| 2023 |
|
328,713 |
|
|
960 |
|
| 2024 |
|
280,360 |
|
|
960 |
|
| 2025 |
|
201,594 |
|
|
960 |
|
| Thereafter |
|
752,774 |
|
|
4,516 |
|
| Total contractual payments |
|
$ |
2,262,827 |
|
|
9,018 |
|
| Less: Amount representing interest |
|
|
|
(2,511) |
|
| Net investment in sales-type leases |
|
|
|
$ |
6,507 |
|
(1)Represents the nine months ending December 31, 2021.
Lessee Arrangements
As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Right-of-use assets |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating right-of-use assets |
|
$ |
39,810 |
|
|
$ |
40,570 |
|
| Finance leases - Property |
|
Property - finance right-of-use assets |
|
40,091 |
|
|
40,425 |
|
| Total right-of-use assets |
|
|
|
$ |
79,901 |
|
|
$ |
80,995 |
|
Property lease liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Lease liabilities |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating lease liabilities |
|
$ |
30,176 |
|
|
$ |
30,746 |
|
| Finance leases - Property |
|
Other liabilities |
|
28 |
|
|
28 |
|
| Total lease liabilities |
|
|
|
$ |
30,204 |
|
|
$ |
30,774 |
|
The table below sets forth the weighted average terms and discount rates of our property leases as of March 31, 2021:
|
|
|
|
|
|
|
|
|
| Weighted average remaining lease term |
|
|
| Operating leases |
|
50 years |
| Finance leases |
|
< 1 year |
| Weighted average discount rate |
|
|
| Operating leases |
|
7.16 |
% |
| Finance leases |
|
3.62 |
% |
The table below presents our total property lease cost (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Location |
|
For the Three Months Ended March 31, |
|
|
| Lease cost |
|
|
2021 |
|
2020 |
|
|
|
|
| Operating lease cost |
|
|
|
|
|
|
|
|
|
|
| Property leases - fixed |
|
Property operating expenses |
|
$ |
973 |
|
|
$ |
427 |
|
|
|
|
|
| Property leases - variable |
|
Property operating expenses |
|
10 |
|
|
4 |
|
|
|
|
|
| Finance lease cost |
|
|
|
|
|
|
|
|
|
|
Amortization of property right-of-use assets |
|
Property operating expenses |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
992 |
|
|
$ |
440 |
|
|
|
|
|
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
| Supplemental cash flow information |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows for operating leases |
|
|
$ |
782 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on property leases were due as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
| Year Ending December 31, |
|
Operating leases |
|
Finance leases |
|
Total |
|
|
|
|
|
|
| 2021 (1) |
|
$ |
2,408 |
|
|
$ |
14 |
|
|
$ |
2,422 |
|
|
|
|
|
|
|
| 2022 |
|
3,297 |
|
|
14 |
|
|
3,311 |
|
|
|
|
|
|
|
| 2023 |
|
3,352 |
|
|
— |
|
|
3,352 |
|
|
|
|
|
|
|
| 2024 |
|
3,403 |
|
|
— |
|
|
3,403 |
|
|
|
|
|
|
|
| 2025 |
|
1,749 |
|
|
— |
|
|
1,749 |
|
|
|
|
|
|
|
| Thereafter |
|
123,979 |
|
|
— |
|
|
123,979 |
|
|
|
|
|
|
|
| Total lease payments |
|
138,188 |
|
|
28 |
|
|
138,216 |
|
|
|
|
|
|
|
| Less: Amount representing interest |
|
(108,012) |
|
|
— |
|
|
(108,012) |
|
|
|
|
|
|
|
| Lease liability |
|
$ |
30,176 |
|
|
$ |
28 |
|
|
$ |
30,204 |
|
|
|
|
|
|
|
(1)Represents the nine months ending December 31, 2021.
|
| Leases |
Leases Lessor Arrangements
We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense
recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
| Lease revenue |
|
2021 |
|
2020 |
|
|
|
|
| Fixed |
|
$ |
112,425 |
|
|
$ |
104,109 |
|
|
|
|
|
| Variable |
|
32,199 |
|
|
26,903 |
|
|
|
|
|
|
|
$ |
144,624 |
|
|
$ |
131,012 |
|
|
|
|
|
Fixed contractual payments due under our property leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
| Year Ending December 31, |
|
Operating leases |
|
Sales-type leases |
|
|
|
|
|
| 2021 (1) |
|
$ |
316,963 |
|
|
$ |
662 |
|
| 2022 |
|
382,423 |
|
|
960 |
|
| 2023 |
|
328,713 |
|
|
960 |
|
| 2024 |
|
280,360 |
|
|
960 |
|
| 2025 |
|
201,594 |
|
|
960 |
|
| Thereafter |
|
752,774 |
|
|
4,516 |
|
| Total contractual payments |
|
$ |
2,262,827 |
|
|
9,018 |
|
| Less: Amount representing interest |
|
|
|
(2,511) |
|
| Net investment in sales-type leases |
|
|
|
$ |
6,507 |
|
(1)Represents the nine months ending December 31, 2021.
Lessee Arrangements
As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Right-of-use assets |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating right-of-use assets |
|
$ |
39,810 |
|
|
$ |
40,570 |
|
| Finance leases - Property |
|
Property - finance right-of-use assets |
|
40,091 |
|
|
40,425 |
|
| Total right-of-use assets |
|
|
|
$ |
79,901 |
|
|
$ |
80,995 |
|
Property lease liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Leases |
|
Balance Sheet Location |
|
March 31, 2021 |
|
December 31, 2020 |
| Lease liabilities |
|
|
|
|
|
|
| Operating leases - Property |
|
Property - operating lease liabilities |
|
$ |
30,176 |
|
|
$ |
30,746 |
|
| Finance leases - Property |
|
Other liabilities |
|
28 |
|
|
28 |
|
| Total lease liabilities |
|
|
|
$ |
30,204 |
|
|
$ |
30,774 |
|
The table below sets forth the weighted average terms and discount rates of our property leases as of March 31, 2021:
|
|
|
|
|
|
|
|
|
| Weighted average remaining lease term |
|
|
| Operating leases |
|
50 years |
| Finance leases |
|
< 1 year |
| Weighted average discount rate |
|
|
| Operating leases |
|
7.16 |
% |
| Finance leases |
|
3.62 |
% |
The table below presents our total property lease cost (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Location |
|
For the Three Months Ended March 31, |
|
|
| Lease cost |
|
|
2021 |
|
2020 |
|
|
|
|
| Operating lease cost |
|
|
|
|
|
|
|
|
|
|
| Property leases - fixed |
|
Property operating expenses |
|
$ |
973 |
|
|
$ |
427 |
|
|
|
|
|
| Property leases - variable |
|
Property operating expenses |
|
10 |
|
|
4 |
|
|
|
|
|
| Finance lease cost |
|
|
|
|
|
|
|
|
|
|
Amortization of property right-of-use assets |
|
Property operating expenses |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
992 |
|
|
$ |
440 |
|
|
|
|
|
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
| Supplemental cash flow information |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows for operating leases |
|
|
$ |
782 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on property leases were due as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
| Year Ending December 31, |
|
Operating leases |
|
Finance leases |
|
Total |
|
|
|
|
|
|
| 2021 (1) |
|
$ |
2,408 |
|
|
$ |
14 |
|
|
$ |
2,422 |
|
|
|
|
|
|
|
| 2022 |
|
3,297 |
|
|
14 |
|
|
3,311 |
|
|
|
|
|
|
|
| 2023 |
|
3,352 |
|
|
— |
|
|
3,352 |
|
|
|
|
|
|
|
| 2024 |
|
3,403 |
|
|
— |
|
|
3,403 |
|
|
|
|
|
|
|
| 2025 |
|
1,749 |
|
|
— |
|
|
1,749 |
|
|
|
|
|
|
|
| Thereafter |
|
123,979 |
|
|
— |
|
|
123,979 |
|
|
|
|
|
|
|
| Total lease payments |
|
138,188 |
|
|
28 |
|
|
138,216 |
|
|
|
|
|
|
|
| Less: Amount representing interest |
|
(108,012) |
|
|
— |
|
|
(108,012) |
|
|
|
|
|
|
|
| Lease liability |
|
$ |
30,176 |
|
|
$ |
28 |
|
|
$ |
30,204 |
|
|
|
|
|
|
|
(1)Represents the nine months ending December 31, 2021.
|