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LEASES (Tables)

3 Months Ended

Mar. 31, 2023

LEASES

Schedule of components of lease revenues

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

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
​		2023			2022
Fixed lease revenues	​	$	19,358	​	$	18,341
Variable lease revenues	​	​	3,370	​	​	3,001
Lease revenues (a)	​	$	22,728	​	$	21,342

(a) Excludes $224 and $189 of amortization related to lease intangible assets and liabilities for the three months ended March 31, 2023 and 2022, respectively.

Schedule of minimum future contractual rents to be received

As of March 31, 2023, 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 $21,017,000 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 and (ii) $301,000 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.

​	​	​	​
From April 1 – December 31, 2023	​	$	55,353
For the year ending December 31,	​	​	​
2024	​	​	67,832
2025	​	​	63,542
2026	​	​	59,305
2027	​	​	50,346
2028	​	​	39,957
Thereafter	​	​	137,164
Total	​	$	473,499

Schedule of minimum future lease payments

As of March 31, 2023, the minimum future lease payments related to these operating leases are as follows (amounts in thousands):

​

​	​	​	​
From April 1 – December 31, 2023	​	$	381
For the year ending December 31,	​	​	​
2024	​	​	557
2025	​	​	626
2026	​		627
2027	​		629
2028	​		630
Thereafter	​		4,960
Total undiscounted cash flows	​	$	8,410
Present value discount	​		(1,561)
Lease liability	​	$	6,849

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- References

No definition available.

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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
-URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980

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- Definition

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
-URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981

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- Definition

Tabular disclosure of components of income from operating lease.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 6A
-URI https://asc.fasb.org/extlink&oid=126900988&loc=SL77927221-108306

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