Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Future Contractual Annual Rentals Receivable

As of June 30, 2020, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands):

	Operating Leases		Direct Financing Leases
2020	$	56,653	$	6,607
2021		114,098		13,339
2022		113,843		13,420
2023		114,031		13,467
2024		112,172		13,611
Thereafter		713,496		59,419
Total	$	1,224,293	$	119,863

Schedule of Lease-related Assets and Liabilities

The following presents the lease-related assets and liabilities (in thousands):

	June 30, 2020
Assets
Right-of-use assets – operating	$	17,953
Right-of-use assets – finance		875
Total lease assets	$	18,828
Liabilities
Lease liability – operating	$	18,614
Lease liability – finance		3,879
Total lease liabilities	$	22,493

Summary of Weighted-average Remaining Lease Terms and Discount Rates

The following presents the weighted average lease terms and discount rates of our leases:

Weighted-average remaining lease term (years)
Operating leases	8.8
Finance leases	11.09
Weighted-average discount rate
Operating leases (a)		5.31	%
Finance leases		17.24	%

(a) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

Schedule of Information Related to Lease Costs for Finance and Operating Leases

The following presents our total lease costs (in thousands):

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Operating lease cost	$	991	$	2,002
Finance lease cost
Amortization of leased assets		159		312
Interest on lease liabilities		183		372
Short-term lease cost		12		49
Total lease cost	$	1,345	$	2,735

Schedule of Supplemental Cash Flow Information Related to Leases

The following presents supplemental cash flow information related to our leases (in thousands):

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	971	$	1,867
Operating cash flows for finance leases		183		372
Financing cash flows for finance leases	$	159	$	312

Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities

As of June 30, 2020, scheduled lease liabilities mature as follows (in thousands):

	Operating Leases			Direct Financing Leases
2020	$	1,935		$	1,349
2021		3,380			1,154
2022		2,738			990
2023		2,617			806
2024		2,461			646
Thereafter		10,676			1,767
Total lease payments		23,807			6,712
Less: amount representing interest		(5,193	)		(2,833	)
Present value of lease payments	$	18,614		$	3,879