Leases (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Leases [Abstract] |
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| Operating Lease Revenue Recognized |
The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
| Lease revenue |
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2021 |
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2020 |
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2021 |
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2020 |
| Fixed |
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$ |
114,309 |
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$ |
106,743 |
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$ |
340,157 |
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$ |
314,845 |
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| Variable |
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31,440 |
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|
27,132 |
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|
93,874 |
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|
82,189 |
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$ |
145,749 |
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$ |
133,875 |
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$ |
434,031 |
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$ |
397,034 |
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| Sales-type Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of September 30, 2021 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2021 (1) |
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$ |
109,800 |
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$ |
221 |
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| 2022 |
|
418,746 |
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|
960 |
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| 2023 |
|
370,652 |
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|
960 |
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| 2024 |
|
323,198 |
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|
960 |
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| 2025 |
|
241,090 |
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|
960 |
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| Thereafter |
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1,020,675 |
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|
4,516 |
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| Total contractual payments |
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$ |
2,484,161 |
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|
8,577 |
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| Less: Amount representing interest |
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(2,277) |
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| Net investment in sales-type leases |
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$ |
6,300 |
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(1)Represents the three months ending December 31, 2021.
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| Operating Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of September 30, 2021 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2021 (1) |
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$ |
109,800 |
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$ |
221 |
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| 2022 |
|
418,746 |
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|
960 |
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| 2023 |
|
370,652 |
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|
960 |
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| 2024 |
|
323,198 |
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|
960 |
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| 2025 |
|
241,090 |
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|
960 |
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| Thereafter |
|
1,020,675 |
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|
4,516 |
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| Total contractual payments |
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$ |
2,484,161 |
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|
8,577 |
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| Less: Amount representing interest |
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(2,277) |
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| Net investment in sales-type leases |
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$ |
6,300 |
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(1)Represents the three months ending December 31, 2021.
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| Right-of-Use Assets and Lease Liabilities |
Our property right-of-use assets consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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September 30, 2021 |
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December 31, 2020 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating right-of-use assets |
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$ |
38,854 |
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$ |
40,570 |
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| Finance leases - Property (1) |
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Property - finance right-of-use assets |
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40,077 |
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|
40,425 |
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| Total right-of-use assets |
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$ |
78,931 |
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$ |
80,995 |
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(1)On October 22, 2021, we acquired land leased in Washington, D.C., for which we had a $37.8 million right-of-use asset as of September 30, 2021, for a nominal amount under a bargain purchase option.
Property lease liabilities consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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September 30, 2021 |
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December 31, 2020 |
| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
29,630 |
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$ |
30,746 |
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| Finance leases - Property |
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Other liabilities |
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14 |
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28 |
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| Total lease liabilities |
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$ |
29,644 |
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$ |
30,774 |
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| Lease Costs |
The table below sets forth the weighted average terms and discount rates of our property leases as of September 30, 2021:
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| Weighted average remaining lease term |
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| Operating leases |
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51 years |
| Finance leases |
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< 1 year |
| Weighted average discount rate |
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| Operating leases |
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7.16 |
% |
| Finance leases |
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3.62 |
% |
The table below presents our total property lease cost (in thousands):
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Statement of Operations Location |
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
| Lease cost |
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2021 |
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2020 |
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2021 |
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2020 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,013 |
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$ |
598 |
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$ |
2,999 |
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$ |
1,465 |
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| Property leases - variable |
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Property operating expenses |
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11 |
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|
107 |
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|
31 |
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|
116 |
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| Finance lease cost |
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Amortization of property right-of-use assets |
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Property operating expenses |
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5 |
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9 |
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23 |
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27 |
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$ |
1,029 |
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$ |
714 |
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$ |
3,053 |
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$ |
1,608 |
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The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
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For the Nine Months Ended September 30, |
| Supplemental cash flow information |
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2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows for operating leases |
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$ |
2,399 |
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$ |
987 |
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Financing cash flows for financing leases |
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$ |
14 |
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$ |
674 |
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| Finance Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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As of September 30, 2021 |
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| Year Ending December 31, |
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Operating leases |
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Finance
leases |
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Total |
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| 2021 (1) |
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$ |
807 |
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$ |
— |
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$ |
807 |
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| 2022 |
|
3,297 |
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14 |
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|
3,311 |
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| 2023 |
|
3,352 |
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— |
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3,352 |
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| 2024 |
|
3,403 |
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— |
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|
3,403 |
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| 2025 |
|
1,749 |
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— |
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|
1,749 |
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| Thereafter |
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123,979 |
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— |
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|
123,979 |
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| Total lease payments |
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136,587 |
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|
14 |
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|
136,601 |
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| Less: Amount representing interest |
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(106,957) |
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— |
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(106,957) |
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| Lease liability |
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$ |
29,630 |
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$ |
14 |
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$ |
29,644 |
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(1)Represents the three months ending December 31, 2021.
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| Operating Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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As of September 30, 2021 |
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| Year Ending December 31, |
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Operating leases |
|
Finance
leases |
|
Total |
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| 2021 (1) |
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$ |
807 |
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$ |
— |
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$ |
807 |
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| 2022 |
|
3,297 |
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|
14 |
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|
3,311 |
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| 2023 |
|
3,352 |
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— |
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|
3,352 |
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| 2024 |
|
3,403 |
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— |
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|
3,403 |
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| 2025 |
|
1,749 |
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— |
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|
1,749 |
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| Thereafter |
|
123,979 |
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— |
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|
123,979 |
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| Total lease payments |
|
136,587 |
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|
14 |
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|
136,601 |
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| Less: Amount representing interest |
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(106,957) |
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— |
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(106,957) |
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| Lease liability |
|
$ |
29,630 |
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$ |
14 |
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$ |
29,644 |
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(1)Represents the three months ending December 31, 2021.
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