Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Future Contractual Annual Rentals Receivable

As of March 31, 2021, 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
2021	$	91,352	$	10,028
2022		122,150		13,420
2023		121,556		13,467
2024		119,798		13,611
2025		118,990		13,512
Thereafter		640,932		45,907
Total	$	1,214,778	$	109,945

Schedule of Lease-related Assets and Liabilities

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

	March 31, 2021
Assets
Right-of-use assets – operating	$	23,462
Right-of-use assets – finance		707
Total lease assets	$	24,169
Liabilities
Lease liability – operating	$	24,391
Lease liability – finance		3,367
Total lease liabilities	$	27,758

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	9.1
Finance leases	10.3
Weighted-average discount rate
Operating leases (a)		4.80	%
Finance leases		17.30	%

(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 March 31, 2021
Operating lease cost	$	1,157
Finance lease cost
Amortization of leased assets		174
Interest on lease liabilities		163
Short-term lease cost		-
Total lease cost	$	1,494

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 March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	753
Operating cash flows for finance leases		163
Financing cash flows for finance leases	$	174

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

As of March 31, 2021, scheduled lease liabilities mature as follows (in thousands):

	Operating Leases			Direct Financing Leases
2021	$	2,522		$	1,209
2022		3,780			1,042
2023		3,680			831
2024		3,532			732
2025		3,155			444
Thereafter		13,874			1,433
Total lease payments		30,543			5,691
Less: amount representing interest		(6,152	)		(2,324	)
Present value of lease payments	$	24,391		$	3,367