Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under lease agreements that extend for varying periods through 2033. The extension options are reasonably certain to be exercised and included in the amounts recorded.

We also have two finance lease arrangements with third-parties for the construction, management and maintenance of thermal energy plants in the Dominican Republic.

Our future minimum lease payments as of December 31, 2023 were as follows ($ in thousands):

	Operating Leases		Finance Leases
Minimum future lease payments
2024	$	1,156	$	853
2025	1,193		859
2026	1,204		864
2027	1,214		870
2028	1,032		875
Thereafter	2,912		2,712
Total minimum future lease payments	8,711		7,033
Less: imputed interest	(1,738)		(1,811)
Total lease liability(1)	$	6,973	$	5,222

________

(1) Operating and finance leases are included in other liabilities and debt, respectively, in our Consolidated Balance Sheets.

The following table presents the components of lease expense and supplemental cash flow information ($ in thousands):

	Year Ended December 31,
	2023		2022		2021
Lease expense(1)	$	3,394	$	2,319	$	2,292
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	661	$	825	$	731
Operating cash outflows for finance leases	$	413	$	443	$	278
Financing cash outflows for finance leases	$	436	$	400	$	161

________

(1) Includes variable and short-term lease expenses.

The following table presents other relevant information related to our leases as of December 31, 2023:

	Operating Leases		Finance Leases
Weighted-average remaining lease term	7.69 years		9.28 years
Weighted-average discount rate (1)	5.98	%	7.74	%

________

(1) The discount rates applied to each operating lease reflect our estimated incremental borrowing rate, which was determined based on lending rates specific to the type of leased real estate. The discount rates applied to our finance leases were implicit in the lease.

We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one to three years. The following table presents our rental income for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):

		Year Ended December 31,
Leases	Financial Statement Classification	2023		2022		2021
Operating lease income (1)	Non-package revenue	$	4,040	$	4,197	$	3,086

________

(1) Includes variable lease revenue, which is typically calculated as a percentage of our tenant's net sales.

Leases

Leases

We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under lease agreements that extend for varying periods through 2033. The extension options are reasonably certain to be exercised and included in the amounts recorded.

We also have two finance lease arrangements with third-parties for the construction, management and maintenance of thermal energy plants in the Dominican Republic.

Our future minimum lease payments as of December 31, 2023 were as follows ($ in thousands):

	Operating Leases		Finance Leases
Minimum future lease payments
2024	$	1,156	$	853
2025	1,193		859
2026	1,204		864
2027	1,214		870
2028	1,032		875
Thereafter	2,912		2,712
Total minimum future lease payments	8,711		7,033
Less: imputed interest	(1,738)		(1,811)
Total lease liability(1)	$	6,973	$	5,222

________

(1) Operating and finance leases are included in other liabilities and debt, respectively, in our Consolidated Balance Sheets.

The following table presents the components of lease expense and supplemental cash flow information ($ in thousands):

	Year Ended December 31,
	2023		2022		2021
Lease expense(1)	$	3,394	$	2,319	$	2,292
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	661	$	825	$	731
Operating cash outflows for finance leases	$	413	$	443	$	278
Financing cash outflows for finance leases	$	436	$	400	$	161

________

(1) Includes variable and short-term lease expenses.

The following table presents other relevant information related to our leases as of December 31, 2023:

	Operating Leases		Finance Leases
Weighted-average remaining lease term	7.69 years		9.28 years
Weighted-average discount rate (1)	5.98	%	7.74	%

________

(1) The discount rates applied to each operating lease reflect our estimated incremental borrowing rate, which was determined based on lending rates specific to the type of leased real estate. The discount rates applied to our finance leases were implicit in the lease.

We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one to three years. The following table presents our rental income for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):

		Year Ended December 31,
Leases	Financial Statement Classification	2023		2022		2021
Operating lease income (1)	Non-package revenue	$	4,040	$	4,197	$	3,086

________

(1) Includes variable lease revenue, which is typically calculated as a percentage of our tenant's net sales.

Leases

Leases

We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under lease agreements that extend for varying periods through 2033. The extension options are reasonably certain to be exercised and included in the amounts recorded.

We also have two finance lease arrangements with third-parties for the construction, management and maintenance of thermal energy plants in the Dominican Republic.

Our future minimum lease payments as of December 31, 2023 were as follows ($ in thousands):

	Operating Leases		Finance Leases
Minimum future lease payments
2024	$	1,156	$	853
2025	1,193		859
2026	1,204		864
2027	1,214		870
2028	1,032		875
Thereafter	2,912		2,712
Total minimum future lease payments	8,711		7,033
Less: imputed interest	(1,738)		(1,811)
Total lease liability(1)	$	6,973	$	5,222

________

(1) Operating and finance leases are included in other liabilities and debt, respectively, in our Consolidated Balance Sheets.

The following table presents the components of lease expense and supplemental cash flow information ($ in thousands):

	Year Ended December 31,
	2023		2022		2021
Lease expense(1)	$	3,394	$	2,319	$	2,292
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	661	$	825	$	731
Operating cash outflows for finance leases	$	413	$	443	$	278
Financing cash outflows for finance leases	$	436	$	400	$	161

________

(1) Includes variable and short-term lease expenses.

The following table presents other relevant information related to our leases as of December 31, 2023:

	Operating Leases		Finance Leases
Weighted-average remaining lease term	7.69 years		9.28 years
Weighted-average discount rate (1)	5.98	%	7.74	%

________

(1) The discount rates applied to each operating lease reflect our estimated incremental borrowing rate, which was determined based on lending rates specific to the type of leased real estate. The discount rates applied to our finance leases were implicit in the lease.

We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one to three years. The following table presents our rental income for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):

		Year Ended December 31,
Leases	Financial Statement Classification	2023		2022		2021
Operating lease income (1)	Non-package revenue	$	4,040	$	4,197	$	3,086

________

(1) Includes variable lease revenue, which is typically calculated as a percentage of our tenant's net sales.