Leases (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Leases [Abstract] |
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| Schedule of lease revenue recognized between fixed and variable lease revenue |
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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2023 |
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2022 |
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2023 |
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2022 |
| Fixed |
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$ |
120,408 |
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$ |
113,700 |
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$ |
354,908 |
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$ |
337,558 |
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| Variable |
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34,860 |
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32,781 |
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104,602 |
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92,589 |
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$ |
155,268 |
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$ |
146,481 |
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$ |
459,510 |
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$ |
430,147 |
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(1)Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable for the nine months ended September 30, 2022.
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| Schedule of property right-of-use assets and lease liabilities |
Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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September 30,
2023 |
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December 31,
2022 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating right-of-use assets |
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$ |
40,487 |
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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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2,584 |
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2,207 |
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| Total right-of-use assets |
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$ |
43,071 |
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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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$ |
32,940 |
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$ |
28,759 |
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| Finance leases - Property |
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Other liabilities |
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420 |
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— |
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| Total lease liabilities |
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$ |
33,360 |
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$ |
28,759 |
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| Schedule of property lease costs and effect of property lease payments on consolidated statements of cash flows |
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 September 30, |
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For the Nine Months Ended September 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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$ |
1,808 |
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$ |
1,031 |
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$ |
5,146 |
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$ |
3,082 |
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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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50 |
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49 |
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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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18 |
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7 |
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57 |
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23 |
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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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33 |
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— |
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$ |
1,853 |
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$ |
1,054 |
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$ |
5,286 |
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$ |
3,154 |
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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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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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$ |
4,432 |
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$ |
2,515 |
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| Operating cash flows for financing leases |
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$ |
33 |
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$ |
— |
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| Financing cash flows for financing leases |
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$ |
14 |
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$ |
— |
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| Schedule of payment due on property leases |
Payments on property leases were due as follows (in thousands):
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September 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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$ |
1,624 |
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$ |
15 |
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| 2024 |
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6,633 |
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61 |
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| 2025 |
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2,250 |
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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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66 |
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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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144,341 |
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636 |
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| Less: Amount representing interest |
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(111,401) |
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(216) |
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| Lease liability |
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$ |
32,940 |
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$ |
420 |
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(1)Represents the three months ending December 31, 2023.
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