XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021.

 Three months ended March 31,
Rental Income (in thousands)20222021
Fixed lease payments$120,240 $101,179 
Variable lease payments33,778 29,244 
Straight-line rental income4,504 4,882 
Net increase (decrease) to rental income related to above and below market lease amortization79 (1,480)
Total rental income$158,601 $133,825 
Lessor, Operating Lease, Payments to be Received, Maturity
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2022.

YearMaturity of Fixed Lease Payments (in thousands)
Remainder of 2022$368,223 
2023$464,868 
2024$413,356 
2025$355,130 
2026$298,475 
Thereafter$979,172 
Lease, Cost [Table Text Block]
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

Operating Lease Term and Discount RateMarch 31, 2022December 31, 2021
Weighted average remaining lease term (years)29.029.0
Weighted average discount rate6.6 %6.6 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations the three months ended March 31, 2022 and 2021.

 Three months ended March 31,
Operating Lease Cost (in thousands)20222021
Operating lease cost included in property expense attributable to ground leases$533 $417 
Operating lease cost included in general and administrative expense attributable to corporate office leases437 429 
Total operating lease cost$970 $846 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021.

 Three months ended March 31,
Operating Leases (in thousands)20222021
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$900 $627 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of March 31, 2022.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
Remainder of 2022$2,727 
20233,660 
20243,699 
20253,744 
20262,778 
Thereafter68,807 
Total lease payments85,415 
Less: Imputed interest(52,690)
Present value of operating lease liabilities$32,725 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.