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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousands):
|  | Year ended December 31,
Lease costs |  | 2023 |  | 2022 |  | 2021
Operating lease costs (1) |  | $ | 14,451 |  |  | $ | 12,700 |  |  | $ | 13,151 |
Finance lease costs |  |  |  |  |  |
Amortization of right of use asset (2) |  | $ | 2,821 |  |  | $ | 697 |  |  | $ | 547 |
Interest on lease liabilities (3) |  | $ | 13,747 |  |  | $ | 3,236 |  |  | $ | 2,471 |
_______________ (1)One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development. (2)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. (3)One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, 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, 2023 and December 31, 2022:
| December 31, 2023 |  | December 31, 2022
Other information |  |  |
Weighted-average remaining lease term (in years) |  |  |
Operating leases | 70 |  | 49
Finance leases | 60 |  | 68
Weighted-average discount rate |  |  |
Operating leases | 6.6 | % |  | 5.7 | %
Finance leases | 6.1 | % |  | 6.2 | %
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, 2023 (in thousands):
| Operating |  | Finance
2024 (1) | $ | 29,989 |  |  | $ | 70,370 |
2025 | 35,733 |  |  | 32,232 |
2026 | 10,100 |  |  | 31,972 |
2027 | 9,885 |  |  | 32,170 |
2028 (1) | 14,637 |  |  | 118,232 |
Thereafter | 3,546,537 |  |  | 1,342,174 |
Total lease payments | 3,646,881 |  |  | 1,627,150 |
Less: |  |  |
Interest portion | 3,296,490 |  |  | 1,209,189 |
Present value of lease payments | $ | 350,391 |  |  | $ | 417,961 |
_______________ (1)Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. 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 |
2025 | 10,308 |  |  | 9,971 |
2026 | 10,100 |  |  | 10,166 |
2027 | 9,885 |  |  | 10,364 |
Thereafter | 528,915 |  |  | 1,352,647 |
Total lease payments | 603,897 |  |  | 1,441,797 |
Less: |  |  |
Interest portion | 399,211 |  |  | 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 was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated.
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, 2023 (in thousands):
| Operating |  | Finance
2024 (1) | $ | 29,989 |  |  | $ | 70,370 |
2025 | 35,733 |  |  | 32,232 |
2026 | 10,100 |  |  | 31,972 |
2027 | 9,885 |  |  | 32,170 |
2028 (1) | 14,637 |  |  | 118,232 |
Thereafter | 3,546,537 |  |  | 1,342,174 |
Total lease payments | 3,646,881 |  |  | 1,627,150 |
Less: |  |  |
Interest portion | 3,296,490 |  |  | 1,209,189 |
Present value of lease payments | $ | 350,391 |  |  | $ | 417,961 |
_______________ (1)Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all. 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 |
2025 | 10,308 |  |  | 9,971 |
2026 | 10,100 |  |  | 10,166 |
2027 | 9,885 |  |  | 10,364 |
Thereafter | 528,915 |  |  | 1,352,647 |
Total lease payments | 603,897 |  |  | 1,441,797 |
Less: |  |  |
Interest portion | 399,211 |  |  | 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 was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated.
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, 2023, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):
|  | Year ended December 31,
Lease Revenue |  | 2023 |  | 2022 |  | 2021
Fixed contractual payments |  | $ | 2,503,106 |  |  | $ | 2,426,007 |  |  | $ | 2,319,362 |
Variable lease payments |  | 550,641 |  |  | 492,361 |  |  | 433,652 |
Sales-type lease |  | 926 |  |  | — |  |  | — |
|  | $ | 3,054,673 |  |  | $ | 2,918,368 |  |  | $ | 2,753,014 |
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, 2023, under non-cancelable operating leases which expire on various dates through 2049 (in thousands):
Years Ending December 31, |
2024 | $ | 2,420,047 |
2025 | 2,444,826 |
2026 | 2,379,371 |
2027 | 2,281,437 |
2028 | 2,140,919 |
Thereafter | 15,592,965 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table provides the future contractual payments to be received as of December 31, 2023 (in thousands):
| December 31, 2023
2024 | $ | 31 |
2025 | 124 |
2026 | 372 |
2027 | 756 |
2028 | 775 |
Thereafter | 267,474 |
Total lease payments to be received | 269,532 |
Less: |
Interest portion | 255,579 |
Sales-type lease receivable | 13,953 |
Unguaranteed residual asset | 18 |
Current expected credit loss adjustment | (267) |
Sales-type lease receivable, net | $ | 13,704 |
The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands):
| December 31, 2022
2023 | $ | — |
2024 | 31 |
2025 | 124 |
2026 | 372 |
2027 | 756 |
Thereafter | 268,249 |
Total lease payments to be received | 269,532 |
Less: |
Interest portion | 256,504 |
Sales-type lease receivable | 13,028 |
Unguaranteed residual asset | 17 |
Current expected credit loss adjustment | (234) |
Sales-type lease receivable, net | $ | 12,811 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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