XML 51 R37.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Schedule of future minimum lease payments due to the Company under property operating agreements | Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2023 were as follows:
In thousands |
2024 | $ | 894,442 |
2025 | 801,973 |
2026 | 701,615 |
2027 | 582,028 |
2028 | 469,549 |
2029 and thereafter | 1,579,010 |
| $ | 5,028,617 |
Schedule of future minimum operating lease payments | The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows:
In thousands | OPERATING | FINANCING
2024 | $ | 12,263 |  | $ | 2,182 |
2025 | 12,428 |  | 2,218 |
2026 | 12,516 |  | 2,254 |
2027 | 12,703 |  | 2,294 |
2028 | 12,822 |  | 2,326 |
2029 and thereafter | 698,905 |  | 394,072 |
Total undiscounted lease payments | $ | 761,637 |  | $ | 405,346 |
Discount | (531,923) |  | (330,843) |
Lease liabilities | $ | 229,714 |  | $ | 74,503 |
Schedule of future minimum finance lease payments | The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows:
In thousands | OPERATING | FINANCING
2024 | $ | 12,263 |  | $ | 2,182 |
2025 | 12,428 |  | 2,218 |
2026 | 12,516 |  | 2,254 |
2027 | 12,703 |  | 2,294 |
2028 | 12,822 |  | 2,326 |
2029 and thereafter | 698,905 |  | 394,072 |
Total undiscounted lease payments | $ | 761,637 |  | $ | 405,346 |
Discount | (531,923) |  | (330,843) |
Lease liabilities | $ | 229,714 |  | $ | 74,503 |
Schedule of lease cost | The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022:
In thousands |  | YEAR ENDED Dec. 31, 2023 | YEAR ENDED Dec. 31, 2022
Operating lease cost |  |  |
Operating lease expense |  | $ | 20,623 |  | $ | 12,699 |
Variable lease expense |  | 8,979 |  | 4,529 |
Finance lease cost |  |  |
Amortization of right-of-use assets |  | 1,564 |  | 1,288 |
Interest on lease liabilities |  | 3,718 |  | 2,876 |
Total lease expense |  | $ | 34,884 |  | $ | 21,392 |
Other information |  |  |
Operating cash flows outflows related to operating leases |  | $ | 19,222 | $ | 12,816
Operating cash flows outflows related to financing leases |  | $ | 2,122 | $ | 1,838
Financing cash flows outflows related to financing leases |  | $ | 17 | $ | —
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | — | $ | 53,765
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 1,758 | $ | 216,047
Weighted-average remaining lease term (excluding renewal options) - operating leases |  | 45.8 | 47.5
Weighted-average remaining lease term (excluding renewal options) - finance leases |  | 57.9 | 58.9
Weighted-average discount rate - operating leases |  | 5.7 | % | 5.8 | %
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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-12 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration