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Leases (Tables)
 3 Months Ended
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 revenue20212020
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 leasesSales-type leases
2021 (1)$316,963 $662 
2022382,423 960 
2023328,713 960 
2024280,360 960 
2025201,594 960 
Thereafter752,774 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 leasesSales-type leases
2021 (1)$316,963 $662 
2022382,423 960 
2023328,713 960 
2024280,360 960 
2025201,594 960 
Thereafter752,774 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):
LeasesBalance Sheet LocationMarch 31, 2021December 31, 2020
Right-of-use assets
Operating leases - PropertyProperty - operating right-of-use assets$39,810 $40,570 
Finance leases - PropertyProperty - finance right-of-use assets40,091 40,425 
Total right-of-use assets$79,901 $80,995 

Property lease liabilities consisted of the following (in thousands):
LeasesBalance Sheet LocationMarch 31, 2021December 31, 2020
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$30,176 $30,746 
Finance leases - PropertyOther liabilities28 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 leases50 years
Finance leases
< 1 year
Weighted average discount rate
Operating leases7.16 %
Finance leases3.62 %
The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Three Months Ended March 31,
Lease cost20212020
Operating lease cost
Property leases - fixedProperty operating expenses$973 $427 
Property leases - variableProperty operating expenses10 4 
Finance lease cost
Amortization of property right-of-use assets
Property operating expenses9 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 information20212020
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 leasesFinance leasesTotal
2021 (1)$2,408 $14 $2,422 
20223,297 14 3,311 
20233,352 — 3,352 
20243,403 — 3,403 
20251,749 — 1,749 
Thereafter123,979 — 123,979 
Total lease payments138,188 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 leasesFinance leasesTotal
2021 (1)$2,408 $14 $2,422 
20223,297 14 3,311 
20233,352 — 3,352 
20243,403 — 3,403 
20251,749 — 1,749 
Thereafter123,979 — 123,979 
Total lease payments138,188 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.