XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.23.1

Leases (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 March 31, 2023 were as follows:
Dollars in thousands | OPERATING |
2023 | $ | 695,787 |  |
2024 | 833,006 |  |
2025 | 720,985 |  |
2026 | 620,118 |  |
2027 | 539,486 |  |
2028 and thereafter | 1,854,402 |  |
| $ | 5,263,784 |  |
Future Minimum Operating Lease Payments | The Company’s future lease payments (primarily for its 167 non-prepaid ground leases) as of March 31, 2023 were as follows:
Dollars in thousands | OPERATING | FINANCING
2023 | $ | 11,188 |  | $ | 1,491 |
2024 | 15,239 |  | 2,182 |
2025 | 14,827 |  | 2,218 |
2026 | 14,863 |  | 2,255 |
2027 | 14,933 |  | 2,294 |
2028 and thereafter | 939,392 |  | 396,398 |
Total undiscounted lease payments | 1,010,442 |  | 406,838 |
Discount | (730,805) |  | (333,645) |
Lease liabilities | $ | 279,637 |  | $ | 73,193 |
Future Minimum Financing Lease Payments | The Company’s future lease payments (primarily for its 167 non-prepaid ground leases) as of March 31, 2023 were as follows:
Dollars in thousands | OPERATING | FINANCING
2023 | $ | 11,188 |  | $ | 1,491 |
2024 | 15,239 |  | 2,182 |
2025 | 14,827 |  | 2,218 |
2026 | 14,863 |  | 2,255 |
2027 | 14,933 |  | 2,294 |
2028 and thereafter | 939,392 |  | 396,398 |
Total undiscounted lease payments | 1,010,442 |  | 406,838 |
Discount | (730,805) |  | (333,645) |
Lease liabilities | $ | 279,637 |  | $ | 73,193 |
Lease Cost | The following table provides details of the Company's total lease expense for the three months ended March 31, 2023 and 2022:
| THREE MONTHS ENDED March 31, |
Dollars in thousands | 2023 | 2022 |  |
Operating lease cost |  |  |  |
Operating lease expense | $ | 5,107 |  | $ | 1,215 |  |  |
Variable lease expense | 2,136 |  | 1,024 |  |  |
Finance lease cost |  |  |  |
Amortization of right-of-use assets | 388 |  | 172 |  |  |
Interest on lease liabilities | 918 |  | 287 |  |  |
Total lease expense | $ | 8,549 |  | $ | 2,698 |  |  |
Other information |  |  |  |
Operating cash flows outflows related to operating leases | $ | 5,960 |  | $ | 2,797 |  |  |
Operating cash flows outflows related to financing leases | $ | 553 |  | $ | 258 |  |  |
Financing cash flows outflows related to financing leases | $ | 101 |  | $ | 257 |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | — |  | $ | 40,589 |  |  |
Weighted-average years remaining lease term (excluding renewal options) - operating leases | 47.4 | 47.6 |  |
Weighted-average years remaining lease term (excluding renewal options) - finance leases | 58.7 | 61.9 |  |
Weighted-average discount rate - operating leases | 5.8 | % | 5.6 | % |  |
Weighted-average discount rate - finance leases | 5.0 | % | 5.0 | % |  |

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration