Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2021
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 Three Months Ended March 31,
Lease revenue 2021 2020
Fixed $ 112,425  $ 104,109 
Variable 32,199  26,903 
$ 144,624  $ 131,012 
Sales-type Leases Fixed Contractual Payments Due
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.
Operating Leases Fixed Contractual Payments Due
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.
Right-of-Use Assets and Lease Liabilities 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 
Lease Costs
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 
Finance Lease, Liability, Maturity
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.
Operating Lease, Liability, Maturity
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.