Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows for the periods presented (in thousands):

		Nine Months Ended
	Classification	September 30, 2023		September 30, 2022
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	16,663	$	16,767
Non-real estate investment lease expense	General and administrative expenses	5,392		4,174
Finance lease cost:
Amortization of leased assets	Property operating expenses	4,774		4,927
Interest on lease liabilities	Interest expense	3,008		4,584
Sublease income	Rental income	(3,933)		(8,537)
Total		$	25,904	$	21,915

(1) Includes short-term leases which are immaterial.

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands):

	Classification	September 30, 2023		December 31, 2022
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	284,903	$	287,984
Finance leases - real estate	Right of use assets, net	53,790		35,958
Real estate right of use assets, net		338,693		323,942
Operating leases - non-real estate investments	Receivables and other assets	7,528		10,119
Finance leases - held for sale (1)	Real property held for sale, net of accumulated depreciation	—		116,453
Total right of use assets, net		$	346,221	$	450,514
Lease liabilities:
Operating leases		$	299,933	$	302,360
Financing leases		65,182		113,464
Total		$	365,115	$	415,824
(1) During the nine months ended September 30, 2023, we contributed finance leases at seven properties previously classified as held for sale into a newly formed unconsolidated joint venture, which recognized the purchase option within the leases. See Note 5 for further discussion.