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LEASES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of components of lease revenues

The components of lease revenues are as follows (amounts in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Fixed lease revenues	$	18,339	$	17,602	$	55,085	$	52,502
Variable lease revenues		2,914		2,581		8,774		8,230
Lease revenues (a)	$	21,253	$	20,183	$	63,859	$	60,732

(a)	Excludes amortization related to lease intangible assets and liabilities of $220 and $617 for the three and nine months ended September 30, 2022, respectively, and $166 and $606 for the three and nine months ended September 30, 2021, respectively.

Schedule of minimum future contractual rents to be received

As of September 30, 2022, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents include $23,399,000 of rent related to Regal Cinemas and does not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $805,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above.


From October 1 – December 31, 2022	$	17,731
For the year ending December 31,
2023		70,266
2024		62,228
2025		57,942
2026		53,644
2027		45,287
Thereafter		160,427
Total	$	467,525

Schedule of minimum future lease payments

As of September 30, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):


From October 1 – December 31, 2022	$	126
For the year ending December 31,
2023		507
2024		557
2025		626
2026		627
2027		629
Thereafter		5,591
Total undiscounted cash flows	$	8,663
Present value discount		(1,667)
Lease liability	$	6,996