Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.1
Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Operating lease revenue recognized The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended March 31,
Lease revenue (1) 2023 2022
Fixed $ 116,039  $ 111,167 
Variable 34,521  30,222 
$ 150,560  $ 141,389 
(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.
Sales-type leases fixed contractual payments due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of March 31, 2023
Year Ending December 31, Operating leases Sales-type leases
2023 (1) $ 329,700  $ 720 
2024 415,499  960 
2025 332,260  960 
2026 263,741  960 
2027 228,712  960 
Thereafter 1,023,570  2,596 
Total contractual payments $ 2,593,482  7,156 
Less: Amount representing interest (1,628)
Net investment in sales-type leases (2) $ 5,528 
(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.
Operating leases fixed contractual payments due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of March 31, 2023
Year Ending December 31, Operating leases Sales-type leases
2023 (1) $ 329,700  $ 720 
2024 415,499  960 
2025 332,260  960 
2026 263,741  960 
2027 228,712  960 
Thereafter 1,023,570  2,596 
Total contractual payments $ 2,593,482  7,156 
Less: Amount representing interest (1,628)
Net investment in sales-type leases (2) $ 5,528 
(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.
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):
Leases Balance Sheet Location March 31,
2023
December 31, 2022
Right-of-use assets
Operating leases - Property Property - operating right-of-use assets $ 42,808  $ 37,020 
Finance leases - Property Prepaid expenses and other assets, net 2,621  2,207 
Total right-of-use assets $ 45,429  $ 39,227 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 34,896  $ 28,759 
Finance leases - Property Other liabilities 431  — 
Total lease liabilities $ 35,327  $ 28,759 
Lease costs The table below presents our total property lease costs (in thousands):
Statement of Operations Location For the Three Months Ended March 31,
Lease cost 2023 2022
Operating lease cost
Property leases - fixed Property operating expenses $ 1,535  $ 1,019 
Property leases - variable Property operating expenses 17  16 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 20 
Interest on lease liabilities Interest expense 13  — 
$ 1,585  $ 1,043 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Three Months Ended March 31,
Supplemental cash flow information 2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $ 1,185  $ 837 
Operating cash flows for financing leases $ 13  $ — 
Financing cash flows for financing leases $ $ — 
Operating lease, liability, maturity
Payments on property leases were due as follows (in thousands):
March 31, 2023
Year Ending December 31, Operating Leases Finance
Leases
2023 (1) $ 4,863  $ 45 
2024 6,623  61 
2025 2,249  63 
2026 1,662  65 
2027 1,677  67 
Thereafter 130,495  365 
Total lease payments 147,569  666 
Less: Amount representing interest (112,673) (235)
Lease liability $ 34,896  $ 431 
(1)Represents the nine months ending December 31, 2023.