Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Assets And Liabilities

The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of September 30, 2024 and December 31, 2023:

(In thousands)	September 30, 2024		December 31, 2023
Others assets (operating lease and sub-leases right-of-use assets)	$	40,036	$	38,345
Other liabilities (operating lease and sub-lease liabilities)	39,707		38,345
Others assets (sales-type sub-leases, net) (1)	845,014		847,330
Other liabilities (finance sub-lease liabilities)	864,343		866,052

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(1) As of September 30, 2024 and December 31, 2023, sales-type sub-leases are net of $19.3 million and $18.7 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details.

Schedule of Rent Expense

Total rental expense for operating lease commitments and total rental income and rental expense for operating and Finance sub-lease commitments and contractual rent expense under these agreements were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Operating leases
Rental expense (1)	$	631	$	508	$	1,705	$	1,515
Contractual rent	254		483		1,109		1,438
Operating sub-leases
Rental income and expense (2)	1,712		1,712		5,137		5,137
Contractual rent	1,699		1,650		5,064		4,918
Finance sub-leases
Rental income and expense (2)	16,003		14,490		48,026		43,349
Contractual rent	17,757		15,925		49,266		44,488

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(1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations.

(2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at September 30, 2024 are as follows:

(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2024 (remaining)	$	249	$	1,489	$	15,838
2025	1,082		5,129		65,269
2026	2,772		3,934		65,269
2027	1,921		4,009		65,269
2028	2,813		3,034		65,333
2029	1,921		2,094		65,900
Thereafter	20,825		—		2,695,542
Total minimum lease commitments	$	31,583	$	19,689	$	3,038,420
Discounting factor	10,371		1,194		2,174,077
Lease liability	$	21,212	$	18,495	$	864,343
Discount rates (1)	5.3% – 7.0%		2.6% – 2.9%		5.6% – 8.3%
Weighted average remaining lease term	12.5 years		4.3 years		51.9 years

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(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Schedule of Finance Lease, Liability, Maturity

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at September 30, 2024 are as follows:

(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2024 (remaining)	$	249	$	1,489	$	15,838
2025	1,082		5,129		65,269
2026	2,772		3,934		65,269
2027	1,921		4,009		65,269
2028	2,813		3,034		65,333
2029	1,921		2,094		65,900
Thereafter	20,825		—		2,695,542
Total minimum lease commitments	$	31,583	$	19,689	$	3,038,420
Discounting factor	10,371		1,194		2,174,077
Lease liability	$	21,212	$	18,495	$	864,343
Discount rates (1)	5.3% – 7.0%		2.6% – 2.9%		5.6% – 8.3%
Weighted average remaining lease term	12.5 years		4.3 years		51.9 years

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(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.