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Leases (Tables)

9 Months Ended

Sep. 30, 2023

Additional disclosures regarding the Company’s leases as lessee are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023			2022
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	332		226	$	783		$	677
Interest on lease liabilities		495		103		709			305
Subtotal		827		329		1,492			982
Operating lease cost		1,324		1,334		3,988			4,004
Variable lease cost		43		21		187			63
Total lease cost	$	2,194	$	1,684	$	5,667		$	5,049

Other Information
Weighted-average remaining lease term - finance leases (years)						58.4			32.1
Weighted-average remaining lease term - operating leases (years)						9.8			13.6
Weighted-average discount rate - finance leases						6.5	%		6.3	%
Weighted-average discount rate - operating leases						5.1	%		5.1	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2023, are summarized as follows (in thousands):


			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues (a)		Operating Leases (b)			Finance Leases (b)
2023 (Remainder)	$	58,266	$	1,349		$	980
2024		243,242		5,414			3,925
2025		222,597		5,329			1,429
2026		197,435		5,173			1,264
2027		174,287		4,373			1,264
Thereafter		742,441		20,069			155,328
		1,638,268		41,707			164,190
Interest		—		(9,187	)		(131,352	)
Total	$	1,638,268	$	32,520		$	32,838

(a)

Amount represents contractual lease maturities at September 30, 2023 including any extension options that management determined were reasonably certain of exercise.

(b)

Minimum rental payments include $9.2 million of interest related to operating leases and $131.4 million related to finance leases and exclude options or renewals not reasonably certain of exercise.