Leases (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, |
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For the Six Months Ended June 30, |
| Lease revenue (1) |
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2023 |
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2022 |
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2023 |
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2022 |
| Fixed |
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$ |
118,461 |
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$ |
112,691 |
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$ |
234,500 |
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$ |
223,858 |
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| Variable |
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35,221 |
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29,586 |
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69,742 |
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59,808 |
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$ |
153,682 |
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$ |
142,277 |
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$ |
304,242 |
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$ |
283,666 |
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(1)Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable for the six months ended June 30, 2022.
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| Right-of-use assets and lease liabilities |
Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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June 30,
2023 |
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December 31,
2022 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating right-of-use assets |
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$ |
41,652 |
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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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2,603 |
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2,207 |
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| Total right-of-use assets |
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$ |
44,255 |
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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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$ |
33,923 |
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$ |
28,759 |
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| Finance leases - Property |
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Other liabilities |
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426 |
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— |
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| Total lease liabilities |
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$ |
34,349 |
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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 June 30, |
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For the Six Months Ended June 30, |
| Lease cost |
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2023 |
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2022 |
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2023 |
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2022 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,803 |
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$ |
1,032 |
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$ |
3,338 |
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$ |
2,051 |
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| Property leases - variable |
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Property operating expenses |
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16 |
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17 |
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33 |
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33 |
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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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19 |
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8 |
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39 |
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16 |
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| Interest on lease liabilities |
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Interest expense |
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10 |
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— |
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23 |
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— |
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$ |
1,848 |
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$ |
1,057 |
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$ |
3,433 |
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$ |
2,100 |
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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 Six Months Ended June 30, |
| 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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$ |
2,806 |
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$ |
1,676 |
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| Operating cash flows for financing leases |
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$ |
23 |
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$ |
— |
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| Financing cash flows for financing leases |
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$ |
9 |
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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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June 30, 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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$ |
3,242 |
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$ |
30 |
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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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366 |
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| Total lease payments |
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145,948 |
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652 |
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| Less: Amount representing interest |
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(112,025) |
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(226) |
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| Lease liability |
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$ |
33,923 |
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$ |
426 |
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(1)Represents the six months ending December 31, 2023.
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