Leases

12 Months Ended

Dec. 31, 2022

The Company has operating leases for office space leased in various buildings for its own use. The Company's leases have remaining terms ranging from 5 to 10 years. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lease costs related to the Company's operating leases are primarily reflected in "cost of revenue" in the consolidated statements of operations, as they are a reimbursable cost under the Company's respective asset management agreements. (See Note 14 for additional information).

The following table summarizes operating lease costs, by type (in thousands):


	Year Ended December 31,
		2022		2021
Operating lease costs
Fixed lease costs		$	1,045	$	994
Variable lease costs		361		318
Total operating lease costs		$	1,406	$	1,312

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):


	Year Ended December 31,
		2022		2021
Cash paid for lease liabilities:
Operating cash flows from operating leases		$	1,350	$	1,213

As of December 31, 2022 the Company's operating leases had a weighted-average remaining lease term of 7.75 years and a weighted-average discount rate of 4.25%.

The following table summarizes future lease liability payments (in thousands):


Year Ending December 31,	Operating Leases
2023	$	1,141
2024	1,167
2025	1,194
2026	1,222
2027	1,204
Thereafter	3,568
Total future lease payments	9,496
Imputed interest	(1,578)
Total lease liabilities	$	7,918

The Company does not have any lease liabilities which have not yet commenced as of December 31, 2022.