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Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases |
Leases | 7. Leases The Company as Lessor Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, marinas, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Variable lease payments primarily include property taxes, insurance, utilities and common area maintenance or payments based on a percent of sales over specified levels and senior living services. The Company’s leases have remaining lease terms up to the year 2072, some of which include options to terminate or extend. The components of leasing revenue are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2024 | ​ | 2023
Leasing revenue | ​ | ​ | ​ | ​ | ​ | ​
Lease payments | ​ | $ | 12,053 | ​ | $ | 10,196
Variable lease payments | ​ | ​ | 2,289 | ​ | ​ | 1,594
Total leasing revenue | ​ | $ | 14,342 | ​ | $ | 11,790
​ Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2024, for the years ending December 31 are: ​
​ | ​ | ​ | ​
2024 | ​ | $ | 22,962
2025 | ​ |  | 14,355
2026 | ​ |  | 11,263
2027 | ​ |  | 9,865
2028 | ​ | ​ | 6,974
Thereafter | ​ | ​ | 37,922
​ | ​ | $ | 103,341
​ The Company as Lessee As of March 31, 2024, the Company leased certain office and other equipment under finance leases and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2081. Operating leases also include property for hospitality employee housing. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred. The components of lease expense are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | 2024 | ​ | 2023 | ​
Lease cost | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | $ | 41 | ​ | $ | 33 | ​
Interest on lease liability |  | 5 | ​ |  | 3 | ​
Operating lease cost |  | 197 | ​ |  | 110 | ​
Variable and short-term lease cost |  | 243 | ​ |  | 248 | ​
Total lease cost | $ | 486 | ​ | $ | 394 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Other information | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term - finance lease (in years) | ​ | 2.8 | ​ | ​ | 3.1 | ​
Weighted-average remaining lease term - operating leases (in years) | ​ | 2.2 | ​ | ​ | 2.1 | ​
Weighted-average discount rate - finance lease | ​ | 5.3 | % | ​ | 5.2 | %
Weighted-average discount rate - operating leases | ​ | 5.0 | % | ​ | 4.9 | %
​ The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2024, for the years ending December 31 are:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Finance Leases | ​ | Operating Leases
2024 | ​ | $ | 138 | ​ | $ | 1,607
2025 | ​ |  | 151 | ​ |  | 2,097
2026 | ​ |  | 107 | ​ |  | 2,017
2027 | ​ |  | 89 | ​ |  | 55
2028 | ​ | ​ | 66 | ​ | ​ | 55
Thereafter | ​ | ​ | 8 | ​ | ​ | 330
Total | ​ | ​ | 559 | ​ | ​ | 6,161
Less imputed interest | ​ | ​ | (58) | ​ | ​ | (505)
Total lease liabilities | ​ | $ | 501 | ​ | $ | 5,656
​ ​

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- References No definition available. + Details
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