Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

8. Leases

The Company as Lessor

Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2040, some of which include options to terminate or extend.

The components of leasing revenue are as follows:

	Year Ended December 31,
	2021		2020		2019
Leasing revenue
Lease payments	$	22,256	$	14,710	$	11,637
Variable lease payments		4,825		4,109		3,944
Total leasing revenue	$	27,081	$	18,819	$	15,581

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2021, for the years ending December 31 are:

2022	$	19,075
2023		11,579
2024		9,260
2025		6,434
2026		4,904
Thereafter		17,950
	$	69,202

The Company as Lessee

As of December 31, 2021, the Company leased certain office and other equipment under finance leases and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liabilities and operating lease liabilities are included within other liabilities on the consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred.

The components of lease expense are as follows:

	Year Ended December 31,
	2021			2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	114		$	57		$	40
Interest on lease liability		18			11			9
Operating lease cost		308			289			238
Short-term lease cost		1,476			1,016			721
Total lease cost	$	1,916		$	1,373		$	1,008
Other information
Weighted-average remaining lease term - finance lease (in years)		3.6			3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.3			3.9			3.1
Weighted-average discount rate - finance lease		4.6	%		5.0	%		5.0	%
Weighted-average discount rate - operating leases		4.9	%		4.9	%		5.0	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are:

	Finance Leases		Operating Leases
2022	$	133	$	261
2023		133		220
2024		86		108
2025		50		51
2026		6		12
Thereafter		—		269
Total		408		921
Less imputed interest		(28)		(189)
Total lease liabilities	$	380	$	732