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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Company's Lease Income, Excluding Discontinued Operation | The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Fixed income from operating leases | $ | 1,087,683 |  |  | $ | 943,638 |  |  | $ | 853,545 |
Variable income from operating leases | 290,701 |  |  | 238,470 |  |  | 215,957 |
Interest income from direct financing leases | 8,702 |  |  | 9,720 |  |  | 16,666 |
Schedule of Components of Net Investment in Dfls | Net investment in DFLs consists of the following (in thousands):
| December 31,
| 2021 |  | 2020
Present value of minimum lease payments receivable | $ | 1,220 |  |  | $ | 9,804 |
Present value of estimated residual value | 44,706 |  |  | 44,706 |
Less deferred selling profits | (1,220) |  |  | (9,804) |
Net investment in direct financing leases | $ | 44,706 |  |  | $ | 44,706 |
Schedule of Future Minimum Lease Payments Contractually Due Under Dfls | The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2021 (in thousands):
Year |  | Amount
2022 |  | $ | 1,220 |
2023 |  | — |
2024 |  | — |
2025 |  | — |
2026 |  | — |
Thereafter |  | — |
Undiscounted minimum lease payments receivable |  | 1,220 |
Less: imputed interest |  | — |
Present value of minimum lease payments receivable |  | $ | 1,220 |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2021 (in thousands):
Year |  | Amount
2022 |  | $ | 1,057,467 |
2023 |  | 1,041,053 |
2024 |  | 979,640 |
2025 |  | 892,348 |
2026 |  | 783,781 |
Thereafter |  | 3,171,115 |
|  | $ | 7,925,404 |
Schedule of Tenant Purchase Options | Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):
Year |  | Annualized Base Rent(1) |  | Number of Properties
2022 |  | $ | 15,059 |  |  | 8 |
2023 |  | 1,191 |  |  | 1 |
2024 |  | 6,835 |  |  | 3 |
2025 |  | 12,564 |  |  | 16 |
2026 |  | 2,662 |  |  | 2 |
Thereafter |  | 19,426 |  |  | 6 |
|  | $ | 57,737 |  |  | 36 |
_______________________________________ (1)Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest, and deferred revenues).
Schedule of Other Lease Information | The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands):
|  | Year Ended December 31,
Lease Expense Information: |  | 2021 |  | 2020 |  | 2019
Total lease expense |  | $ | 14,442 |  |  | $ | 13,601 |  |  | $ | 11,852 |
Weighted Average Lease Term and Discount Rate: |  | December 31, 2021 |  | December 31, 2020
Weighted average remaining lease term (years): |  |  |  |
Operating leases(1) |  | 52 |  | 57
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.14 | % |  | 4.26 | %
_______________________________________ (1)The weighted average remaining lease term including the Company’s options to extend its operating leases is 68 years as of December 31, 2021.
Schedule of Future Minimum Lease Obligations, 842 | The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2021 (in thousands):
Year |  | Amount
2022 |  | $ | 16,030 |
2023 |  | 13,438 |
2024 |  | 12,575 |
2025 |  | 11,471 |
2026 |  | 11,406 |
Thereafter |  | 484,552 |
Undiscounted minimum lease payments included in the lease liability |  | 549,472 |
Less: imputed interest |  | (344,925) |
Present value of lease liability |  | $ | 204,547 |

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- Definition Tabular disclosure of the components of the net amount due as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments. + References No definition available. + Details
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- Definition Tabular disclosure of components of lease income from direct financing lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL77927221-108306 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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