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Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Summary of lease income

The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the years ended December 31, 2020 and 2019. (presented in thousands)

​	​	​	​	​	​	​	​	​	​
​	​	​	​	For the Year Ended December 31,
​	​	​	​	2020		​	2019
Total lease payments	​	​	​	$	257,390	​	$	193,843	​
Less: Operating cost reimbursements and percentage rents	​	​	​		28,248	​		21,137	​
Total non-variable lease payments	​	​	​	$	229,142	​	$	172,706	​

Summary of lease income to be received

At December 31, 2020, future non-variable lease payments to be received from the Company’s operating leases for the next five years and thereafter are as follows (presented in thousands):

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Year Ending December 31,

​

2021

2022

2023

2024

2025

Thereafter

Total

Future non-variable lease payments

​

​

$

276,836

$

275,774

$

271,554

$

261,256

$

250,238

​

$

1,471,565

$

2,807,223

Summary of lease costs

The following tables include information on the Company’s land leases for which it is the lessee, for the years ending December 31, 2020 and December 31, 2019. (presented in thousands)

​	​	​	​	​	​	​	​	​
​	​	Year Ended
​		December 31, 2020				December 31, 2019
Operating lease costs	​	$	1,705	​	​	$	1,131	​
Variable lease costs	​		—	​	​		—	​
Total non-variable lease costs	​	$	1,705	​	​	$	1,131	​
​	​	​	​	​	​	​	​	​
Supplemental Disclosure	​	​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for new operating lease liabilities	​	$	1,064	​	​	$	19,672	​
Right-of-use assets removed in exchange for real property	​		—	​	​		(3,025)	​
Right-of-use assets net change	​	$	1,064	​	​	$	16,647	​
​	​	​	​	​	​	​	​	​
Operating cash outflows on operating leases	​	$	1,069	​	​	$	1,073	​
​	​	​	​	​	​	​	​	​
Weighted-average remaining lease term - operating leases (years)	​	​	38.3	​	​	​	38.2	​
​	​	​	​	​	​	​	​	​
Weighted-average discount rate - operating leases	​	​	4.13	%	​	​	4.13	%

Summary of maturity analysis of lease liabilities

Maturity Analysis of Lease Liabilities (presented in thousands)

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Year Ending December 31,

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2021

2022

2023

2024

2025

Thereafter

Total

Lease payments

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​

$

1,033

$

1,026

$

1,031

$

1,031

$

1,031

​

$

30,036

$

35,188

Imputed interest

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(685)

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(676)

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(661)

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(645)

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(629)

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(15,025)

​

(18,321)

Total lease liabilities

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​

$

348

$

350

$

370

$

386

$

402

​

$

15,011

$

16,867

X

- 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=121609121&loc=SL77918686-209980

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X

- References

No definition available.

+ Details

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X

- 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=121609121&loc=SL77918701-209980

+ Details

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X

- 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=121576215&loc=SL77919396-209981

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X

- Definition

Tabular disclosure of components of income from operating lease.

+ References

Reference 1: 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=121576215&loc=SL77919372-209981

Reference 2: 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=121640914&loc=SL77927221-108306

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