Leases (Tables)
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12 Months Ended |
Dec. 31, 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 Years Ended December 31, |
| Lease revenue (1) |
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2023 |
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2022 |
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2021 |
| Fixed |
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$ |
478,585 |
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$ |
453,907 |
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$ |
436,768 |
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| Variable |
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141,262 |
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126,262 |
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116,900 |
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$ |
619,847 |
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$ |
580,169 |
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$ |
553,668 |
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(1)Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively.
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| Schedule of Operating Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of December 31, 2023 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2024 |
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$ |
466,559 |
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$ |
960 |
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| 2025 |
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404,835 |
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|
960 |
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| 2026 |
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341,126 |
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|
960 |
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| 2027 |
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305,907 |
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|
960 |
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| 2028 |
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252,628 |
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|
961 |
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| Thereafter |
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1,100,744 |
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1,635 |
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| Total contractual payments |
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$ |
2,871,799 |
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6,436 |
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| Less: Amount representing interest |
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(1,338) |
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| Net investment in sales-type leases (1) |
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$ |
5,098 |
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(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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| Schedule of 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, 2023 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2024 |
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$ |
466,559 |
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$ |
960 |
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| 2025 |
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404,835 |
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|
960 |
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| 2026 |
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341,126 |
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|
960 |
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| 2027 |
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305,907 |
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|
960 |
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| 2028 |
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252,628 |
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|
961 |
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| Thereafter |
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1,100,744 |
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1,635 |
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| Total contractual payments |
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$ |
2,871,799 |
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6,436 |
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| Less: Amount representing interest |
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(1,338) |
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| Net investment in sales-type leases (1) |
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$ |
5,098 |
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(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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| Schedule of 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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2023 |
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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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$ |
41,296 |
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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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2,565 |
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2,207 |
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| Total right-of-use assets |
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$ |
43,861 |
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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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$ |
33,931 |
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$ |
28,759 |
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| Finance leases - Property |
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Other liabilities |
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415 |
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— |
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| Total lease liabilities |
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$ |
34,346 |
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$ |
28,759 |
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| Schedule of Lease Cost and Effect of Property Lease Payments on Consolidated Statements of Cash Flows |
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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2023 |
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2022 |
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2021 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
6,955 |
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$ |
4,114 |
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$ |
4,011 |
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| Property leases - variable |
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Property operating expenses |
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66 |
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65 |
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45 |
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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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76 |
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31 |
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31 |
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| Interest on lease liabilities |
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Interest expense |
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42 |
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— |
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— |
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$ |
7,139 |
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$ |
4,210 |
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$ |
4,087 |
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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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2023 |
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2022 |
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2021 |
| 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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$ |
6,056 |
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$ |
3,355 |
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$ |
3,206 |
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| Operating cash flows for financing leases |
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$ |
42 |
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$ |
— |
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$ |
— |
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| Financing cash flows for financing leases |
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$ |
20 |
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$ |
— |
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$ |
14 |
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| Schedule of Operating Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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December 31, 2023 |
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
| 2024 |
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$ |
6,763 |
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$ |
61 |
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| 2025 |
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2,380 |
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63 |
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| 2026 |
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1,791 |
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65 |
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| 2027 |
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1,807 |
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66 |
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| 2028 |
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1,823 |
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69 |
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| Thereafter |
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138,189 |
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297 |
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| Total lease payments |
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152,753 |
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621 |
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| Less: Amount representing interest |
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(118,822) |
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(206) |
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| Lease liability |
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$ |
33,931 |
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$ |
415 |
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| Schedule of Finance Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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December 31, 2023 |
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
| 2024 |
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$ |
6,763 |
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$ |
61 |
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| 2025 |
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2,380 |
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63 |
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| 2026 |
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1,791 |
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65 |
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| 2027 |
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1,807 |
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66 |
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| 2028 |
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1,823 |
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69 |
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| Thereafter |
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138,189 |
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|
297 |
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| Total lease payments |
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152,753 |
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621 |
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| Less: Amount representing interest |
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(118,822) |
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(206) |
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| Lease liability |
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$ |
33,931 |
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$ |
415 |
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