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LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Schedule of components of lease revenues

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

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​			2022			2021			2020
Fixed lease revenues	​	​	$	74,101	​	$	70,387	​	$	69,823
Variable lease revenues	​	​		17,259	(a)		11,008	​		11,285
Lease revenues (b)	​		$	91,360	​	$	81,395	​	$	81,108

(a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6.

(b) Excludes $831, $785 and $780 of amortization related to lease intangible assets and liabilities for 2022, 2021 and 2020, respectively.

Schedule of minimum future contractual rents to be received

As of December 31, 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 $22,924,000 of rent related to Regal Cinemas (two leases which expire in 2032 and 2035) and does not include (i) straight-line rent or amortization of intangibles, (ii) $563,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iii) variable lease payments as described above.

​	​	​	​
For the year ending December 31,	​	​	​
2023	​	$	73,407
2024	​	​	67,323
2025	​	​	63,036
2026	​	​	58,802
2027	​	​	49,843
Thereafter	​	​	176,710
Total	​	$	489,121

Schedule of minimum future lease payments

As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):

​

​	​	​	​
For the year ended December 31,		​	​
2023	​	$	507
2024	​		557
2025	​		626
2026	​		627
2027	​		629
Thereafter	​		5,591
Total undiscounted cash flows	​	$	8,537
Present value discount	​		(1,613)
Lease liability	​	$	6,924

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
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Tabular disclosure of components of income from operating lease.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981

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