XML 32 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Future Minimum Operating Lease Payments Receivable
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and the sale-type lease, as of September 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$243,946 
2023937,733 
2024816,000 
2025702,251 
2026605,417 
2027 and thereafter2,242,792 
$5,548,139 
Future Minimum Operating Lease Payments
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
Future Minimum Financing Lease Payments
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
Lease Cost
The following table provides details of the Company's total lease expense for the three and nine months ended September 30, 2022 and 2021:
THREE MONTHS ENDED
September 30,
NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$4,204 $1,196 $6,613 $3,555 
Variable lease expense1,061 1,016 3,123 2,883 
Finance lease cost
Amortization of right-of-use assets381 90 884 267 
Interest on lease liabilities861 255 1,913 748 
Total lease expense$6,507 $2,557 $12,533 $7,453 
Other information
Operating cash flows outflows related to operating leases$3,847$1,424 $8,443 $5,855 
Operating cash flows outflows related to financing leases$476$151 $1,262 $678 
Financing cash flows outflows related to financing leases$3$$$162 
Right-of-use assets obtained in exchange for new finance lease liabilities$9,874$1,420 $50,463 $1,420 
Right-of-use assets obtained in exchange for new operating lease liabilities$198,261$8,298 $198,261 $8,298 
Weighted-average years remaining lease term (excluding renewal options) - operating leases50.247.8
Weighted-average years remaining lease term (excluding renewal options) - finance leases60.163.2
Weighted-average discount rate - operating leases5.7 %5.6 %
Weighted-average discount rate - finance leases5.0 %5.4 %