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v3.20.4

Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Operating Lease Revenue Recognized | The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
|  |  |  | For the Years Ended December 31,
Lease revenue |  |  |  | 2020 |  | 2019
Fixed |  |  |  | $ | 425,593 |  |  | $ | 412,342 |
Variable |  |  |  | 110,534 |  |  | 110,130 |
|  |  |  | $ | 536,127 |  |  | $ | 522,472 |
Sales-type leases fixed contractual payments due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of December 31, 2020 |  |
Year Ending December 31, |  | Operating leases |  | Sales-type leases |  |
2021 |  | $ | 424,585 |  |  | $ | 871 |  |  |
2022 |  | 378,573 |  |  | 949 |  |  |
2023 |  | 324,917 |  |  | 949 |  |  |
2024 |  | 276,488 |  |  | 949 |  |  |
2025 |  | 197,677 |  |  | 949 |  |  |
Thereafter |  | 745,303 |  |  | 4,464 |  |  |
Total contractual payments |  | $ | 2,347,543 |  |  | 9,131 |  |  |
Less: Amount representing interest |  |  |  | (2,558) |  |  |
Net investment in sales-type leases |  |  |  | $ | 6,573 |  |  |
Operating leases fixed contractual payments due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of December 31, 2020 |  |
Year Ending December 31, |  | Operating leases |  | Sales-type leases |  |
2021 |  | $ | 424,585 |  |  | $ | 871 |  |  |
2022 |  | 378,573 |  |  | 949 |  |  |
2023 |  | 324,917 |  |  | 949 |  |  |
2024 |  | 276,488 |  |  | 949 |  |  |
2025 |  | 197,677 |  |  | 949 |  |  |
Thereafter |  | 745,303 |  |  | 4,464 |  |  |
Total contractual payments |  | $ | 2,347,543 |  |  | 9,131 |  |  |
Less: Amount representing interest |  |  |  | (2,558) |  |  |
Net investment in sales-type leases |  |  |  | $ | 6,573 |  |  |
Right-of-Use Assets and Lease Liabilities | Our property right-of-use assets consisted of the following (in thousands):
|  |  |  | As of December 31,
Leases |  | Balance Sheet Location |  | 2020 |  | 2019
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 40,570 |  |  | $ | 27,864 |
Finance leases - Property |  | Property - finance right-of-use assets |  | 40,425 |  |  | 40,458 |
Total right-of-use assets |  |  |  | $ | 80,995 |  |  | $ | 68,322 |
Property lease liabilities consisted of the following (in thousands):
|  |  |  | As of December 31,
Leases |  | Balance Sheet Location |  | 2020 |  | 2019
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 30,746 |  |  | $ | 17,317 |
Finance leases - Property |  | Other liabilities |  | 28 |  |  | 702 |
Total lease liabilities |  |  |  | $ | 30,774 |  |  | $ | 18,019 |
Lease Costs | The table below sets forth the weighted average terms and discount rates of our property leases as of December 31, 2020:
Weighted average remaining lease term |  |
Operating leases |  | 50 years
Finance leases |  | < 1 year
Weighted average discount rate |  |
Operating leases |  | 7.21 | %
Finance leases |  | 3.62 | %
The table below presents our total property lease cost (in thousands):
|  |  |  |  |  | For the Years Ended December 31,
Lease cost |  | Statement of Operations Location |  |  |  | 2020 |  | 2019
Operating lease cost |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  |  |  | $ | 2,413 |  |  | $ | 1,664 |
Property leases - variable |  | Property operating expenses |  |  |  | 127 |  |  | 4 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  |  |  | 34 |  |  | 30 |
|  |  |  |  |  | $ | 2,574 |  |  | $ | 1,698 |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Years Ended December 31,
Supplemental cash flow information |  |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,694 |  |  | $ | 1,004 |
Financing cash flows for financing leases |  |  | $ | 674 |  |  | $ | 14 |
Finance Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | As of December 31, 2020 |  | As of December 31, 2019
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total |  | Operating leases |  | Finance leases |  | Total
2020 |  | N/A |  | N/A |  | N/A |  | $ | 1,092 |  |  | $ | 674 |  |  | $ | 1,766 |
2021 |  | $ | 3,211 |  |  | $ | 14 |  |  | $ | 3,225 |  |  | 1,138 |  |  | 14 |  |  | 1,152 |
2022 |  | 3,332 |  |  | 14 |  |  | 3,346 |  |  | 1,162 |  |  | 14 |  |  | 1,176 |
2023 |  | 3,382 |  |  | — |  |  | 3,382 |  |  | 1,167 |  |  | — |  |  | 1,167 |
2024 |  | 3,434 |  |  | — |  |  | 3,434 |  |  | 1,173 |  |  | — |  |  | 1,173 |
2025 |  | 1,780 |  |  | — |  |  | 1,780 |  |  | N/A |  | N/A |  | N/A
Thereafter |  | 126,350 |  |  | — |  |  | 126,350 |  |  | 100,609 |  |  | — |  |  | 100,609 |
Total lease payments |  | 141,489 |  |  | 28 |  |  | 141,517 |  |  | 106,341 |  |  | 702 |  |  | 107,043 |
Less: Amount representing interest |  | (110,743) |  |  | — |  |  | (110,743) |  |  | (89,024) |  |  | — |  |  | (89,024) |
Lease liability |  | $ | 30,746 |  |  | $ | 28 |  |  | $ | 30,774 |  |  | $ | 17,317 |  |  | $ | 702 |  |  | $ | 18,019 |
Operating Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | As of December 31, 2020 |  | As of December 31, 2019
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total |  | Operating leases |  | Finance leases |  | Total
2020 |  | N/A |  | N/A |  | N/A |  | $ | 1,092 |  |  | $ | 674 |  |  | $ | 1,766 |
2021 |  | $ | 3,211 |  |  | $ | 14 |  |  | $ | 3,225 |  |  | 1,138 |  |  | 14 |  |  | 1,152 |
2022 |  | 3,332 |  |  | 14 |  |  | 3,346 |  |  | 1,162 |  |  | 14 |  |  | 1,176 |
2023 |  | 3,382 |  |  | — |  |  | 3,382 |  |  | 1,167 |  |  | — |  |  | 1,167 |
2024 |  | 3,434 |  |  | — |  |  | 3,434 |  |  | 1,173 |  |  | — |  |  | 1,173 |
2025 |  | 1,780 |  |  | — |  |  | 1,780 |  |  | N/A |  | N/A |  | N/A
Thereafter |  | 126,350 |  |  | — |  |  | 126,350 |  |  | 100,609 |  |  | — |  |  | 100,609 |
Total lease payments |  | 141,489 |  |  | 28 |  |  | 141,517 |  |  | 106,341 |  |  | 702 |  |  | 107,043 |
Less: Amount representing interest |  | (110,743) |  |  | — |  |  | (110,743) |  |  | (89,024) |  |  | — |  |  | (89,024) |
Lease liability |  | $ | 30,746 |  |  | $ | 28 |  |  | $ | 30,774 |  |  | $ | 17,317 |  |  | $ | 702 |  |  | $ | 18,019 |

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