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Leases
 9 Months Ended
Sep. 30, 2022
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 leases. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease revenue (1)2022202120222021
Fixed$113,700 $108,694 $337,558 $323,452 
Variable 32,781 29,338 92,589 88,324 
$146,481 $138,032 $430,147 $411,776 
(1)Excludes lease revenue from discontinued operations of which: $5.6 million was fixed and $2.1 million was variable for the three months ended September 30, 2021; and $1.5 million and $16.7 million was fixed and $527,000 and $5.6 million was variable for the nine months ended September 30, 2022 and 2021, respectively.

Fixed contractual payments due under our property leases were as follows (in thousands):
As of September 30, 2022
Year Ending December 31,Operating leasesSales-type leases
2022 (1)$114,168 $240 
2023433,302 960 
2024391,451 960 
2025304,035 960 
2026237,922 960 
Thereafter1,106,292 3,556 
Total contractual payments$2,587,170 7,636 
Less: Amount representing interest(1,835)
Net investment in sales-type leases$5,801 
(1)Represents the three months ending December 31, 2022.

Lessee Arrangements

As of September 30, 2022, our balance sheet included $39.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Right-of-use assets
Operating leases - PropertyProperty - operating right-of-use assets$37,541 $38,361 
Finance leases - PropertyPrepaid expenses and other assets, net2,214 2,238 
Total right-of-use assets$39,755 $40,599 

Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$29,088 $29,342 
As of September 30, 2022, our operating leases had a weighted average remaining lease term of 52 years and a weighted average discount rate of 7.19%. The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease cost2022202120222021
Operating lease cost
Property leases - fixedProperty operating expenses$1,031 $1,013 $3,082 $2,999 
Property leases - variableProperty operating expenses16 11 49 31 
Finance lease cost
Amortization of property right-of-use assetsProperty operating expenses7 5 23 23 
$1,054 $1,029 $3,154 $3,053 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Nine Months Ended September 30,
Supplemental cash flow information20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$2,515 $2,399 
Financing cash flows for financing leases$— $14 

Payments on property operating leases were due as follows (in thousands):
Year Ending December 31,
September 30, 2022
2022 (1)$839 
20233,399 
20243,451 
20251,797 
20261,578 
Thereafter125,934 
Total lease payments136,998 
Less: Amount representing interest(107,910)
Lease liability$29,088 
(1)Represents the three months ending December 31, 2022.
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 leases. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease revenue (1)2022202120222021
Fixed$113,700 $108,694 $337,558 $323,452 
Variable 32,781 29,338 92,589 88,324 
$146,481 $138,032 $430,147 $411,776 
(1)Excludes lease revenue from discontinued operations of which: $5.6 million was fixed and $2.1 million was variable for the three months ended September 30, 2021; and $1.5 million and $16.7 million was fixed and $527,000 and $5.6 million was variable for the nine months ended September 30, 2022 and 2021, respectively.

Fixed contractual payments due under our property leases were as follows (in thousands):
As of September 30, 2022
Year Ending December 31,Operating leasesSales-type leases
2022 (1)$114,168 $240 
2023433,302 960 
2024391,451 960 
2025304,035 960 
2026237,922 960 
Thereafter1,106,292 3,556 
Total contractual payments$2,587,170 7,636 
Less: Amount representing interest(1,835)
Net investment in sales-type leases$5,801 
(1)Represents the three months ending December 31, 2022.

Lessee Arrangements

As of September 30, 2022, our balance sheet included $39.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Right-of-use assets
Operating leases - PropertyProperty - operating right-of-use assets$37,541 $38,361 
Finance leases - PropertyPrepaid expenses and other assets, net2,214 2,238 
Total right-of-use assets$39,755 $40,599 

Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$29,088 $29,342 
As of September 30, 2022, our operating leases had a weighted average remaining lease term of 52 years and a weighted average discount rate of 7.19%. The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease cost2022202120222021
Operating lease cost
Property leases - fixedProperty operating expenses$1,031 $1,013 $3,082 $2,999 
Property leases - variableProperty operating expenses16 11 49 31 
Finance lease cost
Amortization of property right-of-use assetsProperty operating expenses7 5 23 23 
$1,054 $1,029 $3,154 $3,053 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Nine Months Ended September 30,
Supplemental cash flow information20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$2,515 $2,399 
Financing cash flows for financing leases$— $14 

Payments on property operating leases were due as follows (in thousands):
Year Ending December 31,
September 30, 2022
2022 (1)$839 
20233,399 
20243,451 
20251,797 
20261,578 
Thereafter125,934 
Total lease payments136,998 
Less: Amount representing interest(107,910)
Lease liability$29,088 
(1)Represents the three months ending December 31, 2022.
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 leases. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease revenue (1)2022202120222021
Fixed$113,700 $108,694 $337,558 $323,452 
Variable 32,781 29,338 92,589 88,324 
$146,481 $138,032 $430,147 $411,776 
(1)Excludes lease revenue from discontinued operations of which: $5.6 million was fixed and $2.1 million was variable for the three months ended September 30, 2021; and $1.5 million and $16.7 million was fixed and $527,000 and $5.6 million was variable for the nine months ended September 30, 2022 and 2021, respectively.

Fixed contractual payments due under our property leases were as follows (in thousands):
As of September 30, 2022
Year Ending December 31,Operating leasesSales-type leases
2022 (1)$114,168 $240 
2023433,302 960 
2024391,451 960 
2025304,035 960 
2026237,922 960 
Thereafter1,106,292 3,556 
Total contractual payments$2,587,170 7,636 
Less: Amount representing interest(1,835)
Net investment in sales-type leases$5,801 
(1)Represents the three months ending December 31, 2022.

Lessee Arrangements

As of September 30, 2022, our balance sheet included $39.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Right-of-use assets
Operating leases - PropertyProperty - operating right-of-use assets$37,541 $38,361 
Finance leases - PropertyPrepaid expenses and other assets, net2,214 2,238 
Total right-of-use assets$39,755 $40,599 

Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$29,088 $29,342 
As of September 30, 2022, our operating leases had a weighted average remaining lease term of 52 years and a weighted average discount rate of 7.19%. The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease cost2022202120222021
Operating lease cost
Property leases - fixedProperty operating expenses$1,031 $1,013 $3,082 $2,999 
Property leases - variableProperty operating expenses16 11 49 31 
Finance lease cost
Amortization of property right-of-use assetsProperty operating expenses7 5 23 23 
$1,054 $1,029 $3,154 $3,053 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Nine Months Ended September 30,
Supplemental cash flow information20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$2,515 $2,399 
Financing cash flows for financing leases$— $14 

Payments on property operating leases were due as follows (in thousands):
Year Ending December 31,
September 30, 2022
2022 (1)$839 
20233,399 
20243,451 
20251,797 
20261,578 
Thereafter125,934 
Total lease payments136,998 
Less: Amount representing interest(107,910)
Lease liability$29,088 
(1)Represents the three months ending December 31, 2022.
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 leases. The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease revenue (1)2022202120222021
Fixed$113,700 $108,694 $337,558 $323,452 
Variable 32,781 29,338 92,589 88,324 
$146,481 $138,032 $430,147 $411,776 
(1)Excludes lease revenue from discontinued operations of which: $5.6 million was fixed and $2.1 million was variable for the three months ended September 30, 2021; and $1.5 million and $16.7 million was fixed and $527,000 and $5.6 million was variable for the nine months ended September 30, 2022 and 2021, respectively.

Fixed contractual payments due under our property leases were as follows (in thousands):
As of September 30, 2022
Year Ending December 31,Operating leasesSales-type leases
2022 (1)$114,168 $240 
2023433,302 960 
2024391,451 960 
2025304,035 960 
2026237,922 960 
Thereafter1,106,292 3,556 
Total contractual payments$2,587,170 7,636 
Less: Amount representing interest(1,835)
Net investment in sales-type leases$5,801 
(1)Represents the three months ending December 31, 2022.

Lessee Arrangements

As of September 30, 2022, our balance sheet included $39.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Right-of-use assets
Operating leases - PropertyProperty - operating right-of-use assets$37,541 $38,361 
Finance leases - PropertyPrepaid expenses and other assets, net2,214 2,238 
Total right-of-use assets$39,755 $40,599 

Our property lease liabilities reported on our consolidated balance sheets consisted of the following (in thousands):
LeasesBalance Sheet LocationSeptember 30, 2022December 31, 2021
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$29,088 $29,342 
As of September 30, 2022, our operating leases had a weighted average remaining lease term of 52 years and a weighted average discount rate of 7.19%. The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Lease cost2022202120222021
Operating lease cost
Property leases - fixedProperty operating expenses$1,031 $1,013 $3,082 $2,999 
Property leases - variableProperty operating expenses16 11 49 31 
Finance lease cost
Amortization of property right-of-use assetsProperty operating expenses7 5 23 23 
$1,054 $1,029 $3,154 $3,053 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Nine Months Ended September 30,
Supplemental cash flow information20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$2,515 $2,399 
Financing cash flows for financing leases$— $14 

Payments on property operating leases were due as follows (in thousands):
Year Ending December 31,
September 30, 2022
2022 (1)$839 
20233,399 
20243,451 
20251,797 
20261,578 
Thereafter125,934 
Total lease payments136,998 
Less: Amount representing interest(107,910)
Lease liability$29,088 
(1)Represents the three months ending December 31, 2022.