Leases (Tables)
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12 Months Ended |
Dec. 31, 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 Years Ended December 31, |
| Lease revenue (1) |
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2022 |
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2021 |
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2020 |
| Fixed |
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$ |
453,907 |
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$ |
436,768 |
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$ |
404,244 |
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| Variable |
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126,262 |
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|
116,900 |
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|
104,870 |
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$ |
580,169 |
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$ |
553,668 |
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$ |
509,114 |
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(1)Excludes lease revenue from discontinued operations of which $1.5 million, $22.3 million and $21.3 million was fixed and $527,000, $8.2 million and $5.7 million was variable for 2022, 2021 and 2020, respectively.
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| Sales-type leases fixed contractual payments due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of December 31, 2022 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2023 |
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$ |
443,092 |
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$ |
960 |
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| 2024 |
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415,914 |
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|
960 |
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| 2025 |
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336,522 |
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|
960 |
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| 2026 |
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269,778 |
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|
960 |
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| 2027 |
|
236,079 |
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|
960 |
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| Thereafter |
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1,114,240 |
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|
2,596 |
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| Total contractual payments |
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$ |
2,815,625 |
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|
7,396 |
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| Less: Amount representing interest |
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(1,730) |
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| Net investment in sales-type leases |
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$ |
5,666 |
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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, 2022 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2023 |
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$ |
443,092 |
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$ |
960 |
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| 2024 |
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415,914 |
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|
960 |
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| 2025 |
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336,522 |
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|
960 |
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| 2026 |
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269,778 |
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|
960 |
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| 2027 |
|
236,079 |
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|
960 |
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| Thereafter |
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1,114,240 |
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2,596 |
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| Total contractual payments |
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$ |
2,815,625 |
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|
7,396 |
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| Less: Amount representing interest |
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(1,730) |
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| Net investment in sales-type leases |
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$ |
5,666 |
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| Right-of-Use Assets and Lease Liabilities |
The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands):
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As of December 31, |
| Leases |
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Balance Sheet Location |
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2022 |
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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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$ |
37,020 |
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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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2,207 |
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2,238 |
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| Total right-of-use assets |
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$ |
39,227 |
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$ |
40,599 |
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| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
28,759 |
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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 Years Ended December 31, |
| Lease cost |
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2022 |
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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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$ |
4,114 |
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$ |
4,011 |
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$ |
2,413 |
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| Property leases - variable |
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Property operating expenses |
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65 |
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|
45 |
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|
127 |
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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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31 |
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34 |
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$ |
4,210 |
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$ |
4,087 |
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$ |
2,574 |
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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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2022 |
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2021 |
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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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$ |
3,355 |
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$ |
3,206 |
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$ |
1,694 |
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| Financing cash flows for financing leases |
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$ |
— |
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$ |
14 |
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$ |
674 |
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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, 2022 |
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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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| 2027 |
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1,593 |
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| Thereafter |
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124,341 |
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| Total lease payments |
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136,159 |
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| Less: Amount representing interest |
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(107,400) |
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| Lease liability |
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$ |
28,759 |
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