Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases

Schedule of Company's Lease Cost

The Company’s lease costs for the three months and nine months ended September 30, 2021 and 2020 are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	3,261	$	2,929	$	9,631	$	9,009
Finance lease cost:
Amortization of right-of-use assets		38		38		112		112
Interest on lease liabilities		9		12		30		37
Net lease cost	$	3,308	$	2,979	$	9,773	$	9,158

Summary of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable leases at September 30, 2021 are as follows (in thousands):

	Operating		Finance
	Leases		Leases
Year 1	$	6,326	$	241
Year 2		6,379		232
Year 3		6,191		60
Year 4		6,126		46
Year 5		6,311		46
Years thereafter		565,067		532
Total future minimum lease payments		596,400		1,157
Less amount representing interest		(485,827)		(232)
Total present value of minimum payments	$	110,573	$	925

Summary of Maturities of Finance Lease Liabilities

	Operating		Finance
	Leases		Leases
Year 1	$	6,326	$	241
Year 2		6,379		232
Year 3		6,191		60
Year 4		6,126		46
Year 5		6,311		46
Years thereafter		565,067		532
Total future minimum lease payments		596,400		1,157
Less amount representing interest		(485,827)		(232)
Total present value of minimum payments	$	110,573	$	925

Schedule of Remaining Lease Term and Discount Rate of Leases

Weighted-average remaining lease term:
Operating leases	49.2	years
Finance leases	10.4	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%