XML 56 R31.htm IDEA: XBRL DOCUMENT v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Lessee, Lease, Description [Line Items]  
Lease, Cost
The following table provides lease cost information for the Company’s operating and finance leases for the years ended December 31, 2022, 2021 and 2020 (in thousands):
Year ended December 31,
Lease costs202220212020
Operating lease costs$12,700 $13,151 $13,948 
Finance lease costs
Amortization of right of use asset (1)$697 $547 $56 
Interest on lease liabilities (2)$3,236 $2,471 $583 
_______________
(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)One, two and three of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2022, December 31, 2021 and December 31, 2020, 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, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
Other information
Weighted-average remaining lease term (in years)
Operating leases4950
Finance leases6869
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, 2022 (in thousands):
Operating Finance
2023$22,415 $9,306 
2024 (1)22,274 49,343 
202510,308 9,971 
202610,100 10,166 
20279,885 10,364 
Thereafter 528,915 1,352,647 
Total lease payments603,897 1,441,797 
Less:
Interest portion399,211 1,192,462 
Present value of lease payments$204,686 $249,335 
_______________
(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.
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2021 (in thousands):
Operating Finance
2022$19,623 $8,762 
202325,333 10,826 
2024 (1)10,085 48,605 
202510,307 9,971 
202610,100 10,166 
Thereafter 538,801 1,363,011 
Total lease payments614,249 1,451,341 
Less:
Interest portion409,688 1,206,920 
Present value of lease payments$204,561 $244,421 
_______________
(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.
Lessee, Operating 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, 2022 (in thousands):
Operating Finance
2023$22,415 $9,306 
2024 (1)22,274 49,343 
202510,308 9,971 
202610,100 10,166 
20279,885 10,364 
Thereafter 528,915 1,352,647 
Total lease payments603,897 1,441,797 
Less:
Interest portion399,211 1,192,462 
Present value of lease payments$204,686 $249,335 
_______________
(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.
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2021 (in thousands):
Operating Finance
2022$19,623 $8,762 
202325,333 10,826 
2024 (1)10,085 48,605 
202510,307 9,971 
202610,100 10,166 
Thereafter 538,801 1,363,011 
Total lease payments614,249 1,451,341 
Less:
Interest portion409,688 1,206,920 
Present value of lease payments$204,561 $244,421 
_______________
(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.
Lessor, Lease, Description [Line Items]  
Operating Lease, Lease Income [Table Text Block]
Lessor
Operating Leases
The following table summarizes the components of lease revenue recognized during the years ended December 31, 2022, 2021 and 2020 included within the Company's Consolidated Statements of Operations (in thousands):
Year ended December 31,
Lease Revenue202220212020
Fixed contractual payments$2,426,007 $2,319,362 $2,211,915 
Variable lease payments492,361 433,652 434,346 
$2,918,368 $2,753,014 $2,646,261 
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, 2022, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): 
Years Ending December 31,
2023$2,338,610 
20242,321,135 
20252,279,700 
20262,212,455 
20272,094,014 
Thereafter13,020,102 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands):
Sales-Type
2023$— 
202431 
2025124 
2026372 
2027756 
Thereafter 268,249 
Total lease payments to be received269,532 
Less:
Interest portion256,504 
Sales-type lease receivable13,028 
Unguaranteed residual asset17 
Current expected credit loss adjustment(234)
Sales-type lease receivable, net$12,811