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 |
|
|
5 |
|
|
20 |
|
|
9 |
|
| Finance lease cost |
|
|
|
|
|
|
|
|
|
|
Amortization of property right-of-use assets |
|
Property operating expenses |
|
9 |
|
|
9 |
|
|
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 |
|
|
$ |
4 |
|
|
$ |
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 |
|
|
$ |
4 |
|
|
$ |
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.
|