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Leases

6 Months Ended

Jun. 30, 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 June 30,												For the Six Months Ended June 30,
Lease revenue						2021						2020						2021						2020
Fixed						$	113,423					$	103,993					$	225,848					$	208,102
Variable						30,235						28,154						62,434						55,057
						$	143,658					$	132,147					$	288,282					$	263,159

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Lessee Arrangements

As of June 30, 2021, our balance sheet included $79.4 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						June 30, 2021						December 31, 2020
Right-of-use assets
Operating leases - Property						Property - operating right-of-use assets						$	39,333					$	40,570
Finance leases - Property						Property - finance right-of-use assets						40,082						40,425
Total right-of-use assets												$	79,415					$	80,995

Property lease liabilities consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	29,909					$	30,746
Finance leases - Property						Other liabilities						18						28
Total lease liabilities												$	29,927					$	30,774

The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:

Weighted average remaining lease term
Operating leases						51 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 June 30,												For the Six Months Ended June 30,
Lease cost												2021						2020						2021						2020
Operating lease cost
Property leases - fixed						Property operating expenses						$	1,013					$	440					$	1,986					$	867
Property leases - variable						Property operating expenses						10						5						20						9
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						9						9						18						18
												$	1,032					$	454					$	2,024					$	894

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Six Months Ended June 30,
Supplemental cash flow information									2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	1,586					$	541
Financing cash flows for financing leases									$	10					$	14

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
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						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six 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 June 30,												For the Six Months Ended June 30,
Lease revenue						2021						2020						2021						2020
Fixed						$	113,423					$	103,993					$	225,848					$	208,102
Variable						30,235						28,154						62,434						55,057
						$	143,658					$	132,147					$	288,282					$	263,159

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Lessee Arrangements

As of June 30, 2021, our balance sheet included $79.4 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						June 30, 2021						December 31, 2020
Right-of-use assets
Operating leases - Property						Property - operating right-of-use assets						$	39,333					$	40,570
Finance leases - Property						Property - finance right-of-use assets						40,082						40,425
Total right-of-use assets												$	79,415					$	80,995

Property lease liabilities consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	29,909					$	30,746
Finance leases - Property						Other liabilities						18						28
Total lease liabilities												$	29,927					$	30,774

The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:

Weighted average remaining lease term
Operating leases						51 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 June 30,												For the Six Months Ended June 30,
Lease cost												2021						2020						2021						2020
Operating lease cost
Property leases - fixed						Property operating expenses						$	1,013					$	440					$	1,986					$	867
Property leases - variable						Property operating expenses						10						5						20						9
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						9						9						18						18
												$	1,032					$	454					$	2,024					$	894

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Six Months Ended June 30,
Supplemental cash flow information									2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	1,586					$	541
Financing cash flows for financing leases									$	10					$	14

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
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						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six 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 June 30,												For the Six Months Ended June 30,
Lease revenue						2021						2020						2021						2020
Fixed						$	113,423					$	103,993					$	225,848					$	208,102
Variable						30,235						28,154						62,434						55,057
						$	143,658					$	132,147					$	288,282					$	263,159

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Lessee Arrangements

As of June 30, 2021, our balance sheet included $79.4 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						June 30, 2021						December 31, 2020
Right-of-use assets
Operating leases - Property						Property - operating right-of-use assets						$	39,333					$	40,570
Finance leases - Property						Property - finance right-of-use assets						40,082						40,425
Total right-of-use assets												$	79,415					$	80,995

Property lease liabilities consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	29,909					$	30,746
Finance leases - Property						Other liabilities						18						28
Total lease liabilities												$	29,927					$	30,774

The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:

Weighted average remaining lease term
Operating leases						51 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 June 30,												For the Six Months Ended June 30,
Lease cost												2021						2020						2021						2020
Operating lease cost
Property leases - fixed						Property operating expenses						$	1,013					$	440					$	1,986					$	867
Property leases - variable						Property operating expenses						10						5						20						9
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						9						9						18						18
												$	1,032					$	454					$	2,024					$	894

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Six Months Ended June 30,
Supplemental cash flow information									2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	1,586					$	541
Financing cash flows for financing leases									$	10					$	14

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
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						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six 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 June 30,												For the Six Months Ended June 30,
Lease revenue						2021						2020						2021						2020
Fixed						$	113,423					$	103,993					$	225,848					$	208,102
Variable						30,235						28,154						62,434						55,057
						$	143,658					$	132,147					$	288,282					$	263,159

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Lessee Arrangements

As of June 30, 2021, our balance sheet included $79.4 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						June 30, 2021						December 31, 2020
Right-of-use assets
Operating leases - Property						Property - operating right-of-use assets						$	39,333					$	40,570
Finance leases - Property						Property - finance right-of-use assets						40,082						40,425
Total right-of-use assets												$	79,415					$	80,995

Property lease liabilities consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	29,909					$	30,746
Finance leases - Property						Other liabilities						18						28
Total lease liabilities												$	29,927					$	30,774

The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:

Weighted average remaining lease term
Operating leases						51 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 June 30,												For the Six Months Ended June 30,
Lease cost												2021						2020						2021						2020
Operating lease cost
Property leases - fixed						Property operating expenses						$	1,013					$	440					$	1,986					$	867
Property leases - variable						Property operating expenses						10						5						20						9
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						9						9						18						18
												$	1,032					$	454					$	2,024					$	894

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Six Months Ended June 30,
Supplemental cash flow information									2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	1,586					$	541
Financing cash flows for financing leases									$	10					$	14

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
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						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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-Name Accounting Standards Codification
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-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=77888252

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