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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases

Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense

recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. 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

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.

Lessee Arrangements

As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. 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

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

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.

Leases

Leases

Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense

recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. 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

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.

Lessee Arrangements

As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. 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

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

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.

Leases

Leases

Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense

recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. 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

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.

Lessee Arrangements

As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. 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

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

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.

Leases

Leases

Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below- market lease intangibles; and variable lease revenue, including tenant expense

recoveries, lease termination revenue and other revenue from tenants that is not fixed under the lease. 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

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.

Lessee Arrangements

As of March 31, 2021, our balance sheet included $79.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating or developing, with various expiration dates. 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

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

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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The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

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