Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
6 Months Ended
Jun. 30, 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 June 30, For the Six Months Ended June 30,
Lease revenue 2021 2020 2021 2020
Fixed $ 113,423  $ 103,993  $ 225,848  $ 208,102 
Variable 30,235  28,154  62,434  55,057 
$ 143,658  $ 132,147  $ 288,282  $ 263,159 
Sales-type Leases Fixed Contractual Payments Due
Fixed contractual payments due under our property leases were as follows (in thousands):

As of June 30, 2021
Year Ending December 31, Operating leases Sales-type leases
2021 (1) $ 215,266  $ 442 
2022 398,730  960 
2023 346,493  960 
2024 299,455  960 
2025 220,803  960 
Thereafter 879,852  4,516 
Total contractual payments $ 2,360,599  8,798 
Less: Amount representing interest (2,393)
Net investment in sales-type leases $ 6,405 

(1)Represents the six 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 June 30, 2021
Year Ending December 31, Operating leases Sales-type leases
2021 (1) $ 215,266  $ 442 
2022 398,730  960 
2023 346,493  960 
2024 299,455  960 
2025 220,803  960 
Thereafter 879,852  4,516 
Total contractual payments $ 2,360,599  8,798 
Less: Amount representing interest (2,393)
Net investment in sales-type leases $ 6,405 

(1)Represents the six 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 June 30, 2021 December 31, 2020
Right-of-use assets
Operating leases - Property Property - operating right-of-use assets $ 39,333  $ 40,570 
Finance leases - Property Property - finance right-of-use assets 40,082  40,425 
Total right-of-use assets $ 79,415  $ 80,995 

Property lease liabilities consisted of the following (in thousands):
Leases Balance Sheet Location June 30, 2021 December 31, 2020
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 29,909  $ 30,746 
Finance leases - Property Other liabilities 18  28 
Total lease liabilities $ 29,927  $ 30,774 
Lease Costs
The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:
Weighted average remaining lease term
Operating leases 51 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 June 30, For the Six Months Ended June 30,
Lease cost 2021 2020 2021 2020
Operating lease cost
Property leases - fixed Property operating expenses $ 1,013  $ 440  $ 1,986  $ 867 
Property leases - variable Property operating expenses 10  20 
Finance lease cost
Amortization of property right-of-use assets
Property operating expenses 18  18 
$ 1,032  $ 454  $ 2,024  $ 894 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Six Months Ended June 30,
Supplemental cash flow information 2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$ 1,586  $ 541 
Financing cash flows for financing leases
$ 10  $ 14 
Finance Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of June 30, 2021
Year Ending December 31,  Operating leases Finance
leases
Total
2021 (1) $ 1,610  $ $ 1,614 
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 137,390  18  137,408 
Less: Amount representing interest (107,481) —  (107,481)
Lease liability $ 29,909  $ 18  $ 29,927 

(1)Represents the six months ending December 31, 2021.
Operating Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
As of June 30, 2021
Year Ending December 31,  Operating leases Finance
leases
Total
2021 (1) $ 1,610  $ $ 1,614 
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 137,390  18  137,408 
Less: Amount representing interest (107,481) —  (107,481)
Lease liability $ 29,909  $ 18  $ 29,927 

(1)Represents the six months ending December 31, 2021.