Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

7. Leases

The Company as Lessor

Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, marinas, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Variable lease payments primarily include property taxes, insurance, utilities and common area maintenance or payments based on a percent of sales over specified levels and senior living services. The Company’s leases have remaining lease terms up to the year 2072, some of which include options to terminate or extend.

The components of leasing revenue are as follows:

	Year Ended December 31,
	2023		2022		2021
Leasing revenue
Lease payments	$	43,756	$	33,600	$	22,256
Variable lease payments		7,080		5,596		4,825
Total leasing revenue	$	50,836	$	39,196	$	27,081

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2023, for the years ending December 31 are:

2024	$	26,485
2025		12,812
2026		10,768
2027		9,416
2028		6,686
Thereafter		35,026
	$	101,193

The Company as Lessee

As of December 31, 2023, 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 2081. 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.

The components of lease expense are as follows:

	Year Ended December 31,
	2023			2022			2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	149		$	122		$	114
Interest on lease liability		15			15			18
Operating lease cost		439			378			308
Variable and short-term lease cost		1,940			1,793			1,476
Total lease cost	$	2,543		$	2,308		$	1,916
Other information
Weighted-average remaining lease term - finance lease (in years)		2.8			3.3			3.6
Weighted-average remaining lease term - operating leases (in years)		1.5			2.9			3.3
Weighted-average discount rate - finance lease		5.3	%		5.2	%		4.6	%
Weighted-average discount rate - operating leases		4.9	%		4.8	%		4.9	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2023, for the years ending December 31 are:

	Finance Leases		Operating Leases
2024	$	137	$	322
2025		94		120
2026		50		59
2027		32		55
2028		9		55
Thereafter		—		330
Total		322		941
Less imputed interest		(24)		(148)
Total lease liabilities	$	298	$	793