Leases (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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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 (1) |
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2022 |
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2021 |
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2022 |
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2021 |
| Fixed |
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$ |
113,700 |
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$ |
108,694 |
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$ |
337,558 |
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$ |
323,452 |
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| Variable |
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32,781 |
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29,338 |
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92,589 |
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88,324 |
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$ |
146,481 |
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$ |
138,032 |
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$ |
430,147 |
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$ |
411,776 |
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(1)Excludes lease revenue from discontinued operations of which: $5.6 million was fixed and $2.1 million was variable for the three months ended September 30, 2021; and $1.5 million and $16.7 million was fixed and $527,000 and $5.6 million was variable for the nine months ended September 30, 2022 and 2021, respectively.
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| Sales-type Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of September 30, 2022 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2022 (1) |
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$ |
114,168 |
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$ |
240 |
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| 2023 |
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433,302 |
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|
960 |
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| 2024 |
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391,451 |
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|
960 |
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| 2025 |
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304,035 |
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|
960 |
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| 2026 |
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237,922 |
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|
960 |
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| Thereafter |
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1,106,292 |
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3,556 |
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| Total contractual payments |
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$ |
2,587,170 |
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7,636 |
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| Less: Amount representing interest |
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(1,835) |
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| Net investment in sales-type leases |
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$ |
5,801 |
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(1)Represents the three months ending December 31, 2022.
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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, 2022 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2022 (1) |
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$ |
114,168 |
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$ |
240 |
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| 2023 |
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433,302 |
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|
960 |
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| 2024 |
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391,451 |
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|
960 |
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| 2025 |
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304,035 |
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960 |
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| 2026 |
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237,922 |
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|
960 |
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| Thereafter |
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1,106,292 |
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3,556 |
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| Total contractual payments |
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$ |
2,587,170 |
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7,636 |
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| Less: Amount representing interest |
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(1,835) |
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| Net investment in sales-type leases |
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$ |
5,801 |
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(1)Represents the three months ending December 31, 2022.
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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, 2022 |
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December 31, 2021 |
| 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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$ |
37,541 |
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$ |
38,361 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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2,214 |
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2,238 |
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| Total right-of-use assets |
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$ |
39,755 |
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$ |
40,599 |
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Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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September 30, 2022 |
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December 31, 2021 |
| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
29,088 |
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$ |
29,342 |
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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 Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
| Lease cost |
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2022 |
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2021 |
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2022 |
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2021 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,031 |
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$ |
1,013 |
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$ |
3,082 |
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$ |
2,999 |
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| Property leases - variable |
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Property operating expenses |
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16 |
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11 |
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49 |
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31 |
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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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7 |
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5 |
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23 |
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23 |
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$ |
1,054 |
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$ |
1,029 |
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$ |
3,154 |
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$ |
3,053 |
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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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2022 |
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2021 |
| 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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$ |
2,515 |
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$ |
2,399 |
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| Financing cash flows for financing leases |
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$ |
— |
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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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September 30, 2022 |
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| 2022 (1) |
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$ |
839 |
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| 2023 |
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3,399 |
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| 2024 |
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3,451 |
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| 2025 |
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1,797 |
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| 2026 |
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1,578 |
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| Thereafter |
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125,934 |
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| Total lease payments |
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136,998 |
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| Less: Amount representing interest |
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(107,910) |
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| Lease liability |
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$ |
29,088 |
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(1)Represents the three months ending December 31, 2022.
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