XML 58 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost
The following table provides lease cost information for the Company’s operating and finance leases for the year ended (in thousands):
Lease costsDecember 31, 2020December 31, 2019
Operating lease costs$13,948 $14,573 
Finance lease costs
Amortization of right of use asset (1)$56 $29 
Interest on lease liabilities (2)$583 $47 
_______________
(1)The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy.
(2)Three of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2020 and December 31, 2019, respectively, and as such, a portion of the interest amount was capitalized.
The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2020 and December 31, 2019:
December 31, 2020December 31, 2019
Other information
Weighted-average remaining lease term (in years)
Operating leases5151
Finance leases7071
Weighted-average discount rate
Operating leases5.7 %5.7 %
Finance leases6.2 %6.2 %
Finance Lease, Liability, Maturity
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2020 (in thousands):
Operating Finance
2021$25,092 $5,896 
202218,020 10,206 
202310,262 9,701 
2024 (1)9,277 48,518 
20259,476 9,971 
Thereafter 548,478 1,373,177 
Total lease payments620,605 1,457,469 
Less: Interest portion(418,892)(1,220,977)
Present value of lease payments$201,713 $236,492 
_______________(1)Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise.
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of lease revenue recognized during the years ended December 31, 2020 and 2019 included within the Company's Consolidated Statements of Operations (in thousands):
Year ended December 31,
Lease Revenue20202019
Fixed contractual payments$2,211,915 $2,261,260 
Variable lease payments434,346 496,754 
$2,646,261 $2,758,014 
Lessor, Operating Lease, Payments to be Received, Maturity
The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2020, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): 
Years Ending December 31,
2021$2,177,848 
20222,188,846 
20232,144,213 
20242,043,264 
20251,901,624 
Thereafter12,577,660