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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
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 Three Months Ended March 31, |  |
Lease revenue |  | 2021 |  | 2020 |  |  |  |
Fixed |  | $ | 112,425 |  |  | $ | 104,109 |  |  |  |  |
Variable |  | 32,199 |  |  | 26,903 |  |  |  |  |
|  | $ | 144,624 |  |  | $ | 131,012 |  |  |  |  |
Sales-type Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2021
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2021 (1) |  | $ | 316,963 |  |  | $ | 662 |
2022 |  | 382,423 |  |  | 960 |
2023 |  | 328,713 |  |  | 960 |
2024 |  | 280,360 |  |  | 960 |
2025 |  | 201,594 |  |  | 960 |
Thereafter |  | 752,774 |  |  | 4,516 |
Total contractual payments |  | $ | 2,262,827 |  |  | 9,018 |
Less: Amount representing interest |  |  |  | (2,511) |
Net investment in sales-type leases |  |  |  | $ | 6,507 |
(1)Represents the nine months ending December 31, 2021.
Operating Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2021
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2021 (1) |  | $ | 316,963 |  |  | $ | 662 |
2022 |  | 382,423 |  |  | 960 |
2023 |  | 328,713 |  |  | 960 |
2024 |  | 280,360 |  |  | 960 |
2025 |  | 201,594 |  |  | 960 |
Thereafter |  | 752,774 |  |  | 4,516 |
Total contractual payments |  | $ | 2,262,827 |  |  | 9,018 |
Less: Amount representing interest |  |  |  | (2,511) |
Net investment in sales-type leases |  |  |  | $ | 6,507 |
(1)Represents the nine months ending December 31, 2021.
Right-of-Use Assets and Lease Liabilities | Our property right-of-use assets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2021 |  | December 31, 2020
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 39,810 |  |  | $ | 40,570 |
Finance leases - Property |  | Property - finance right-of-use assets |  | 40,091 |  |  | 40,425 |
Total right-of-use assets |  |  |  | $ | 79,901 |  |  | $ | 80,995 |
Property lease liabilities consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2021 |  | December 31, 2020
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 30,176 |  |  | $ | 30,746 |
Finance leases - Property |  | Other liabilities |  | 28 |  |  | 28 |
Total lease liabilities |  |  |  | $ | 30,204 |  |  | $ | 30,774 |
Lease Costs | The table below sets forth the weighted average terms and discount rates of our property leases as of March 31, 2021:
Weighted average remaining lease term |  |
Operating leases |  | 50 years
Finance leases |  | < 1 year
Weighted average discount rate |  |
Operating leases |  | 7.16 | %
Finance leases |  | 3.62 | %
The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended March 31, |  |
Lease cost |  |  | 2021 |  | 2020 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 973 |  |  | $ | 427 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 10 |  |  | 4 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 9 |  |  | 9 |  |  |  |  |
|  |  |  | $ | 992 |  |  | $ | 440 |  |  |  |  |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Three Months Ended March 31,
Supplemental cash flow information |  |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 782 |  |  | $ | 311 |
Finance Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | As of March 31, 2021 |  |
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total |  |  |  |  |  |
2021 (1) |  | $ | 2,408 |  |  | $ | 14 |  |  | $ | 2,422 |  |  |  |  |  |  |
2022 |  | 3,297 |  |  | 14 |  |  | 3,311 |  |  |  |  |  |  |
2023 |  | 3,352 |  |  | — |  |  | 3,352 |  |  |  |  |  |  |
2024 |  | 3,403 |  |  | — |  |  | 3,403 |  |  |  |  |  |  |
2025 |  | 1,749 |  |  | — |  |  | 1,749 |  |  |  |  |  |  |
Thereafter |  | 123,979 |  |  | — |  |  | 123,979 |  |  |  |  |  |  |
Total lease payments |  | 138,188 |  |  | 28 |  |  | 138,216 |  |  |  |  |  |  |
Less: Amount representing interest |  | (108,012) |  |  | — |  |  | (108,012) |  |  |  |  |  |  |
Lease liability |  | $ | 30,176 |  |  | $ | 28 |  |  | $ | 30,204 |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2021.
Operating Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | As of March 31, 2021 |  |
Year Ending December 31, |  | Operating leases |  | Finance leases |  | Total |  |  |  |  |  |
2021 (1) |  | $ | 2,408 |  |  | $ | 14 |  |  | $ | 2,422 |  |  |  |  |  |  |
2022 |  | 3,297 |  |  | 14 |  |  | 3,311 |  |  |  |  |  |  |
2023 |  | 3,352 |  |  | — |  |  | 3,352 |  |  |  |  |  |  |
2024 |  | 3,403 |  |  | — |  |  | 3,403 |  |  |  |  |  |  |
2025 |  | 1,749 |  |  | — |  |  | 1,749 |  |  |  |  |  |  |
Thereafter |  | 123,979 |  |  | — |  |  | 123,979 |  |  |  |  |  |  |
Total lease payments |  | 138,188 |  |  | 28 |  |  | 138,216 |  |  |  |  |  |  |
Less: Amount representing interest |  | (108,012) |  |  | — |  |  | (108,012) |  |  |  |  |  |  |
Lease liability |  | $ | 30,176 |  |  | $ | 28 |  |  | $ | 30,204 |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2021.

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