Leases (Tables)
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12 Months Ended |
Dec. 31, 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 Years Ended December 31, |
| Lease revenue (1) |
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2021 |
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2020 |
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2019 |
| Fixed |
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$ |
436,768 |
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$ |
404,244 |
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$ |
392,341 |
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| Variable |
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116,900 |
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104,870 |
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100,824 |
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$ |
553,668 |
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$ |
509,114 |
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$ |
493,165 |
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(1)Excludes lease revenue from discontinued operations of which $22.3 million, $21.3 million and $20.0 million was fixed and $8.2 million, $5.7 million and $9.3 million was variable for 2021, 2020 and 2019, respectively.
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| Sales-type leases fixed contractual payments due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of December 31, 2021 |
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| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2022 |
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$ |
430,910 |
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$ |
960 |
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| 2023 |
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391,551 |
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|
960 |
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| 2024 |
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344,256 |
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|
960 |
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| 2025 |
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256,725 |
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|
960 |
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| 2026 |
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193,051 |
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|
960 |
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| Thereafter |
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939,463 |
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3,556 |
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| Total contractual payments |
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$ |
2,555,956 |
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8,356 |
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| Less: Amount representing interest |
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(2,162) |
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| Net investment in sales-type leases |
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$ |
6,194 |
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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 December 31, 2021 |
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| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2022 |
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$ |
430,910 |
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$ |
960 |
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| 2023 |
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391,551 |
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|
960 |
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| 2024 |
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344,256 |
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|
960 |
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| 2025 |
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256,725 |
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|
960 |
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| 2026 |
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193,051 |
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|
960 |
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| Thereafter |
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939,463 |
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3,556 |
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| Total contractual payments |
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$ |
2,555,956 |
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8,356 |
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| Less: Amount representing interest |
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(2,162) |
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| Net investment in sales-type leases |
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$ |
6,194 |
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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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As of December 31, |
| Leases |
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Balance Sheet Location |
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2021 |
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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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$ |
38,361 |
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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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2,238 |
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40,425 |
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| Total right-of-use assets |
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$ |
40,599 |
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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 $37.8 million right-of-use asset as of December 31, 2021, for a nominal amount under a bargain purchase option.
Property lease liabilities consisted of the following (in thousands):
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As of December 31, |
| Leases |
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Balance Sheet Location |
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2021 |
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2020 |
| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
29,342 |
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$ |
30,746 |
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| Finance leases - Property |
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Other liabilities |
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— |
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28 |
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| Total lease liabilities |
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$ |
29,342 |
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$ |
30,774 |
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| Lease Costs |
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 Years Ended December 31, |
| Lease cost |
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2021 |
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2020 |
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2019 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
4,011 |
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$ |
2,413 |
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$ |
1,664 |
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| Property leases - variable |
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Property operating expenses |
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45 |
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127 |
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4 |
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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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31 |
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34 |
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30 |
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$ |
4,087 |
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$ |
2,574 |
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$ |
1,698 |
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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 Years Ended December 31, |
| Supplemental cash flow information |
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2021 |
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2020 |
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2019 |
| 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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$ |
3,206 |
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$ |
1,694 |
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$ |
1,004 |
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| Financing cash flows for financing leases |
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$ |
14 |
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$ |
674 |
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$ |
14 |
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| Operating Lease, Liability, Maturity |
Payments on property operating leases were due as follows (in thousands):
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| Year Ending December 31, |
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December 31, 2021 |
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| 2022 |
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$ |
3,297 |
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| 2023 |
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3,352 |
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| 2024 |
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3,403 |
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| 2025 |
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1,749 |
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| 2026 |
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1,530 |
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| Thereafter |
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122,448 |
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| Total lease payments |
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135,779 |
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| Less: Amount representing interest |
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(106,437) |
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| Lease liability |
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$ |
29,342 |
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