Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Future Contractual Annual Rentals Receivable

As of March 31, 2022, 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
2022	$	98,934	$	9,926
2023		131,533		13,237
2024		129,894		13,380
2025		129,534		13,412
2026		117,712		10,386
Thereafter		657,646		34,921
Total	$	1,265,253	$	95,262

Schedule of Lease-related Assets and Liabilities

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

	March 31, 2022
Assets
Right-of-use assets - operating	$	20,431
Right-of-use assets - finance		353
Total lease assets	$	20,784
Liabilities
Lease liability - operating	$	22,313
Lease liability - finance		1,893
Total lease liabilities	$	24,206

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	8.6
Finance leases	6.4
Weighted-average discount rate
Operating leases (a)		4.74	%
Finance leases		16.80	%

(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, 2022
Operating lease cost	$	931
Finance lease cost
Amortization of leased assets		112
Interest on lease liabilities		97
Short-term lease cost		-
Total lease cost	$	1,140

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, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	936
Operating cash flows for finance leases		97
Financing cash flows for finance leases	$	112

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

As of March 31, 2022, scheduled lease liabilities mature as follows (in thousands):

	Operating Leases			Direct Financing Leases
2022	$	2,858		$	783
2023		3,695			561
2024		3,549			502
2025		3,173			331
2026		2,963			322
Thereafter		11,213			382
Total lease payments		27,451			2,881
Less: amount representing interest		(5,138	)		(988	)
Present value of lease payments	$	22,313		$	1,893