Leases (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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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 March 31, |
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| Lease revenue (1) |
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2023 |
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2022 |
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| Fixed |
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$ |
116,039 |
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$ |
111,167 |
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| Variable |
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34,521 |
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30,222 |
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$ |
150,560 |
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$ |
141,389 |
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(1)Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable for the three months ended March 31, 2022.
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| Sales-type leases fixed contractual payments due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of March 31, 2023 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2023 (1) |
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$ |
329,700 |
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$ |
720 |
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| 2024 |
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415,499 |
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|
960 |
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| 2025 |
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332,260 |
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|
960 |
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| 2026 |
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263,741 |
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|
960 |
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| 2027 |
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228,712 |
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|
960 |
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| Thereafter |
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1,023,570 |
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2,596 |
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| Total contractual payments |
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$ |
2,593,482 |
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7,156 |
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| Less: Amount representing interest |
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(1,628) |
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| Net investment in sales-type leases (2) |
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$ |
5,528 |
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(1)Represents the nine months ending December 31, 2023.
(2)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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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 March 31, 2023 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2023 (1) |
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$ |
329,700 |
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$ |
720 |
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| 2024 |
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415,499 |
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|
960 |
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| 2025 |
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332,260 |
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|
960 |
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| 2026 |
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263,741 |
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|
960 |
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| 2027 |
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228,712 |
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|
960 |
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| Thereafter |
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1,023,570 |
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|
2,596 |
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| Total contractual payments |
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$ |
2,593,482 |
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|
7,156 |
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| Less: Amount representing interest |
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(1,628) |
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| Net investment in sales-type leases (2) |
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$ |
5,528 |
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(1)Represents the nine months ending December 31, 2023.
(2)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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| Right-of-use assets and lease liabilities |
Our property right-of-use assets and property lease liabilities 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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March 31,
2023 |
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December 31, 2022 |
| 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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$ |
42,808 |
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$ |
37,020 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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2,621 |
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|
2,207 |
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| Total right-of-use assets |
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$ |
45,429 |
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$ |
39,227 |
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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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$ |
34,896 |
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$ |
28,759 |
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| Finance leases - Property |
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Other liabilities |
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431 |
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— |
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| Total lease liabilities |
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$ |
35,327 |
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$ |
28,759 |
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| Lease costs |
The table below presents our total property lease costs (in thousands):
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Statement of Operations Location |
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For the Three Months Ended March 31, |
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| Lease cost |
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2023 |
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2022 |
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| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,535 |
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$ |
1,019 |
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| Property leases - variable |
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Property operating expenses |
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17 |
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16 |
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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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20 |
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8 |
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| Interest on lease liabilities |
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Interest expense |
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13 |
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— |
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$ |
1,585 |
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$ |
1,043 |
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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 Three Months Ended March 31, |
| Supplemental cash flow information |
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2023 |
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2022 |
| 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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$ |
1,185 |
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$ |
837 |
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| Operating cash flows for financing leases |
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$ |
13 |
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$ |
— |
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| Financing cash flows for financing leases |
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$ |
4 |
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$ |
— |
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| Operating lease, liability, maturity |
Payments on property leases were due as follows (in thousands):
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March 31, 2023 |
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| Year Ending December 31, |
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Operating Leases |
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Finance
Leases |
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| 2023 (1) |
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$ |
4,863 |
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$ |
45 |
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| 2024 |
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6,623 |
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61 |
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| 2025 |
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2,249 |
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63 |
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| 2026 |
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1,662 |
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65 |
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| 2027 |
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1,677 |
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67 |
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| Thereafter |
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130,495 |
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365 |
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| Total lease payments |
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147,569 |
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666 |
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| Less: Amount representing interest |
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(112,673) |
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(235) |
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| Lease liability |
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$ |
34,896 |
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$ |
431 |
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(1)Represents the nine months ending December 31, 2023.
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