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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue | The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
|  |  |  | For the Years Ended December 31,
Lease revenue (1) |  |  |  | 2023 |  | 2022 |  | 2021
Fixed |  |  |  | $ | 478,585 |  |  | $ | 453,907 |  |  | $ | 436,768 |
Variable |  |  |  | 141,262 |  |  | 126,262 |  |  | 116,900 |
|  |  |  | $ | 619,847 |  |  | $ | 580,169 |  |  | $ | 553,668 |
(1)Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively.
Schedule of Operating Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of December 31, 2023
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2024 |  | $ | 466,559 |  |  | $ | 960 |
2025 |  | 404,835 |  |  | 960 |
2026 |  | 341,126 |  |  | 960 |
2027 |  | 305,907 |  |  | 960 |
2028 |  | 252,628 |  |  | 961 |
Thereafter |  | 1,100,744 |  |  | 1,635 |
Total contractual payments |  | $ | 2,871,799 |  |  | 6,436 |
Less: Amount representing interest |  |  |  | (1,338) |
Net investment in sales-type leases (1) |  |  |  | $ | 5,098 |
(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Sales-Type Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands):
|  | As of December 31, 2023
Year Ending December 31, |  | Operating leases |  | Sales-type leases
2024 |  | $ | 466,559 |  |  | $ | 960 |
2025 |  | 404,835 |  |  | 960 |
2026 |  | 341,126 |  |  | 960 |
2027 |  | 305,907 |  |  | 960 |
2028 |  | 252,628 |  |  | 961 |
Thereafter |  | 1,100,744 |  |  | 1,635 |
Total contractual payments |  | $ | 2,871,799 |  |  | 6,436 |
Less: Amount representing interest |  |  |  | (1,338) |
Net investment in sales-type leases (1) |  |  |  | $ | 5,098 |
(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Right-of-Use Assets and Lease Liabilities | The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands):
|  |  |  | As of December 31,
Leases |  | Balance Sheet Location |  | 2023 |  | 2022
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 41,296 |  |  | $ | 37,020 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,565 |  |  | 2,207 |
Total right-of-use assets |  |  |  | $ | 43,861 |  |  | $ | 39,227 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 33,931 |  |  | $ | 28,759 |
Finance leases - Property |  | Other liabilities |  | 415 |  |  | — |
Total lease liabilities |  |  |  | $ | 34,346 |  |  | $ | 28,759 |
Schedule of Lease Cost and Effect of Property Lease Payments on Consolidated Statements of Cash Flows | The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  |  |  | For the Years Ended December 31,
Lease cost |  |  |  |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  |  |  | $ | 6,955 |  |  | $ | 4,114 |  |  | $ | 4,011 |
Property leases - variable |  | Property operating expenses |  |  |  | 66 |  |  | 65 |  |  | 45 |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  |  |  | 76 |  |  | 31 |  |  | 31 |
Interest on lease liabilities |  | Interest expense |  |  |  | 42 |  |  | — |  |  | — |
|  |  |  |  |  | $ | 7,139 |  |  | $ | 4,210 |  |  | $ | 4,087 |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Years Ended December 31,
Supplemental cash flow information |  |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 6,056 |  |  | $ | 3,355 |  |  | $ | 3,206 |
Operating cash flows for financing leases |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |
Financing cash flows for financing leases |  |  | $ | 20 |  |  | $ | — |  |  | $ | 14 |
Schedule of Operating Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | December 31, 2023
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2024 |  | $ | 6,763 |  |  | $ | 61 |
2025 |  | 2,380 |  |  | 63 |
2026 |  | 1,791 |  |  | 65 |
2027 |  | 1,807 |  |  | 66 |
2028 |  | 1,823 |  |  | 69 |
Thereafter |  | 138,189 |  |  | 297 |
Total lease payments |  | 152,753 |  |  | 621 |
Less: Amount representing interest |  | (118,822) |  |  | (206) |
Lease liability |  | $ | 33,931 |  |  | $ | 415 |
Schedule of Finance Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands):
|  | December 31, 2023
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2024 |  | $ | 6,763 |  |  | $ | 61 |
2025 |  | 2,380 |  |  | 63 |
2026 |  | 1,791 |  |  | 65 |
2027 |  | 1,807 |  |  | 66 |
2028 |  | 1,823 |  |  | 69 |
Thereafter |  | 138,189 |  |  | 297 |
Total lease payments |  | 152,753 |  |  | 621 |
Less: Amount representing interest |  | (118,822) |  |  | (206) |
Lease liability |  | $ | 33,931 |  |  | $ | 415 |

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