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Leases (Tables)

6 Months Ended

Jun. 30, 2021

Future Contractual Annual Rentals Receivable

As of June 30, 2021, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands):

	Operating Leases		Direct Financing Leases
2021	$	62,082	$	6,695
2022		124,532		13,420
2023		124,078		13,467
2024		122,332		13,611
2025		121,473		13,512
Thereafter		663,141		45,907
Total	$	1,217,638	$	106,612

Schedule of Lease-related Assets and Liabilities

The following presents the lease-related assets and liabilities (in thousands):

	June 30, 2021
Assets
Right-of-use assets – operating	$	22,907
Right-of-use assets – finance		660
Total lease assets	$	23,567
Liabilities
Lease liability – operating	$	24,046
Lease liability – finance		3,195
Total lease liabilities	$	27,241

Summary of Weighted-average Remaining Lease Terms and Discount Rates

The following presents the weighted average lease terms and discount rates of our leases:

Weighted-average remaining lease term (years)
Operating leases	8.9
Finance leases	10.1
Weighted-average discount rate
Operating leases ^(a)		4.80	%
Finance leases		17.30	%

(a)	Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

Schedule of Information Related to Lease Costs for Finance and Operating Leases

The following presents our total lease costs (in thousands):

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Operating lease cost	$	1,086	$	2,243
Finance lease cost
Amortization of leased assets		173		347
Interest on lease liabilities		156		319
Short-term lease cost		-		-
Total lease cost	$	1,415	$	2,909

Schedule of Supplemental Cash Flow Information Related to Leases

The following presents supplemental cash flow information related to our leases (in thousands):

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	877	$	1,630
Operating cash flows for finance leases		156		319
Financing cash flows for finance leases	$	173	$	347

Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities

As of June 30, 2021, scheduled lease liabilities mature as follows (in thousands):

	Operating Leases			Direct Financing Leases
2021	$	1,658		$	1,154
2022		3,834			990
2023		3,734			806
2024		3,588			646
2025		3,211			447
Thereafter		13,920			1,321
Total lease payments		29,945			5,364
Less: amount representing interest		(5,899	)		(2,169	)
Present value of lease payments	$	24,046		$	3,195