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Leases (Tables) | 3 Months Ended
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Mar. 31, 2022
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 (1) |  |  |  |  |  | 2022 |  | 2021
Fixed |  |  |  |  |  | $ | 111,167 |  |  | $ | 106,935 |
Variable |  |  |  |  |  | 30,222 |  |  | 30,355 |
|  |  |  |  |  | $ | 141,389 |  |  | $ | 137,290 |
(1)Excludes lease revenue from discontinued operations of which $1.5 million and $5.5 million was fixed and $527,000 and $1.8 million was variable for the three months ended March 31, 2022 and 2021, respectively.
Sales-type Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2022
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2022 (1) |  | $ | 329,371 |  |  | $ | 720 |
2023 |  | 412,129 |  |  | 960 |
2024 |  | 363,829 |  |  | 960 |
2025 |  | 276,356 |  |  | 960 |
2026 |  | 212,571 |  |  | 960 |
Thereafter |  | 1,032,507 |  |  | 3,556 |
Total contractual payments |  | $ | 2,626,763 |  |  | 8,116 |
Less: Amount representing interest |  |  |  | (2,051) |
Net investment in sales-type leases |  |  |  | $ | 6,065 |
(1)Represents the nine months ending December 31, 2022.
Operating Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2022
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2022 (1) |  | $ | 329,371 |  |  | $ | 720 |
2023 |  | 412,129 |  |  | 960 |
2024 |  | 363,829 |  |  | 960 |
2025 |  | 276,356 |  |  | 960 |
2026 |  | 212,571 |  |  | 960 |
Thereafter |  | 1,032,507 |  |  | 3,556 |
Total contractual payments |  | $ | 2,626,763 |  |  | 8,116 |
Less: Amount representing interest |  |  |  | (2,051) |
Net investment in sales-type leases |  |  |  | $ | 6,065 |
(1)Represents the nine months ending December 31, 2022.
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, 2022 |  | December 31, 2021
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 38,566 |  |  | $ | 38,361 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,230 |  |  | 2,238 |
Total right-of-use assets |  |  |  | $ | 40,796 |  |  | $ | 40,599 |
Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2022 |  | December 31, 2021
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 29,729 |  |  | $ | 29,342 |
Lease Costs | The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  |  |  | For the Three Months Ended March 31,
Lease cost |  |  |  |  |  |  | 2022 |  | 2021
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  |  |  |  |  | $ | 1,019 |  |  | $ | 973 |
Property leases - variable |  | Property operating expenses |  |  |  |  |  | 16 |  |  | 10 |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  |  |  |  |  | 8 |  |  | 9 |
|  |  |  |  |  |  |  | $ | 1,043 |  |  | $ | 992 |
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 |  |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 837 |  |  | $ | 782 |
Operating Lease, Liability, Maturity | Payments on property operating leases were due as follows (in thousands):
Year Ending December 31, |  | March 31, 2022 |  |  |  |  |  |  |  |  |  |
2022 (1) |  | $ | 2,518 |  |  |  |  |  |  |  |  |  |  |
2023 |  | 3,399 |  |  |  |  |  |  |  |  |  |  |
2024 |  | 3,451 |  |  |  |  |  |  |  |  |  |  |
2025 |  | 1,797 |  |  |  |  |  |  |  |  |  |  |
2026 |  | 1,578 |  |  |  |  |  |  |  |  |  |  |
Thereafter |  | 125,934 |  |  |  |  |  |  |  |  |  |  |
Total lease payments |  | 138,677 |  |  |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (108,948) |  |  |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 29,729 |  |  |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2022.

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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