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v3.23.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
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) |  | 2023 |  | 2022 |  |  |  |
Fixed |  | $ | 116,039 |  |  | $ | 111,167 |  |  |  |  |
Variable |  | 34,521 |  |  | 30,222 |  |  |  |  |
|  | $ | 150,560 |  |  | $ | 141,389 |  |  |  |  |
(1)Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable for the three months ended March 31, 2022.
Sales-type leases fixed contractual payments due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2023
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2023 (1) |  | $ | 329,700 |  |  | $ | 720 |
2024 |  | 415,499 |  |  | 960 |
2025 |  | 332,260 |  |  | 960 |
2026 |  | 263,741 |  |  | 960 |
2027 |  | 228,712 |  |  | 960 |
Thereafter |  | 1,023,570 |  |  | 2,596 |
Total contractual payments |  | $ | 2,593,482 |  |  | 7,156 |
Less: Amount representing interest |  |  |  | (1,628) |
Net investment in sales-type leases (2) |  |  |  | $ | 5,528 |
(1)Represents the nine months ending December 31, 2023. (2)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Operating leases fixed contractual payments due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of March 31, 2023
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2023 (1) |  | $ | 329,700 |  |  | $ | 720 |
2024 |  | 415,499 |  |  | 960 |
2025 |  | 332,260 |  |  | 960 |
2026 |  | 263,741 |  |  | 960 |
2027 |  | 228,712 |  |  | 960 |
Thereafter |  | 1,023,570 |  |  | 2,596 |
Total contractual payments |  | $ | 2,593,482 |  |  | 7,156 |
Less: Amount representing interest |  |  |  | (1,628) |
Net investment in sales-type leases (2) |  |  |  | $ | 5,528 |
(1)Represents the nine months ending December 31, 2023. (2)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Right-of-use assets and lease liabilities | Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 42,808 |  |  | $ | 37,020 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,621 |  |  | 2,207 |
Total right-of-use assets |  |  |  | $ | 45,429 |  |  | $ | 39,227 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 34,896 |  |  | $ | 28,759 |
Finance leases - Property |  | Other liabilities |  | 431 |  |  | — |
Total lease liabilities |  |  |  | $ | 35,327 |  |  | $ | 28,759 |
Lease costs | The table below presents our total property lease costs (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended March 31, |  |
Lease cost |  |  | 2023 |  | 2022 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 1,535 |  |  | $ | 1,019 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 17 |  |  | 16 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 20 |  |  | 8 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 13 |  |  | — |  |  |  |  |
|  |  |  | $ | 1,585 |  |  | $ | 1,043 |  |  |  |  |
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 |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,185 |  |  | $ | 837 |
Operating cash flows for financing leases |  |  | $ | 13 |  |  | $ | — |
Financing cash flows for financing leases |  |  | $ | 4 |  |  | $ | — |
Operating lease, liability, maturity | Payments on property leases were due as follows (in thousands):
|  | March 31, 2023 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2023 (1) |  | $ | 4,863 |  |  | $ | 45 |  |  |  |  |  |  |  |  |
2024 |  | 6,623 |  |  | 61 |  |  |  |  |  |  |  |  |
2025 |  | 2,249 |  |  | 63 |  |  |  |  |  |  |  |  |
2026 |  | 1,662 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 1,677 |  |  | 67 |  |  |  |  |  |  |  |  |
Thereafter |  | 130,495 |  |  | 365 |  |  |  |  |  |  |  |  |
Total lease payments |  | 147,569 |  |  | 666 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (112,673) |  |  | (235) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 34,896 |  |  | $ | 431 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2023.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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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 https://asc.fasb.org/extlink&oid=128292326&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 https://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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