Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease, Cost

The following table presents additional information pertaining to the Company’s leases:

	Three Months Ended June 30,
	2022								2021
(in thousands of dollars)	Solar Panel Leases		Ground Leases		Office, equipment, and vehicle leases		Total		Solar Panel Leases		Ground Leases		Office, equipment, and vehicle leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	203	$	—	$	—	$	203	$	203	$	—	$	—	$	203
Interest on lease liabilities		54		—		—		54		62		—		—		62
Operating lease costs		—		586		67		653		—		437		327		764
Variable lease costs		—		45		218		263		—		45		107		152
Total lease costs	$	257	$	631	$	285	$	1,173	$	265	$	482	$	434	$	1,181
	Six Months Ended June 30,
	2022								2021
(in thousands of dollars)	Solar Panel Leases		Ground Leases		Office, equipment, and vehicle leases		Total		Solar Panel Leases		Ground Leases		Office, equipment, and vehicle leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	405	$	—	$	—	$	405	$	405	$	—	$	—	$	405
Interest on lease liabilities		132		—		—		132		125		—		—		125
Operating lease costs		—		1,171		135		1,306		—		873		638		1,511
Variable lease costs		—		91		424		515		—		90		170		260
Total lease costs	$	537	$	1,262	$	559	$	2,358	$	530	$	963	$	808	$	2,301

Supplemental Cash Flows and Terms

Other information related to leases as of and for the six months ended June 30, 2022 and 2021 are as follows:

(in thousands of dollars)	2022			2021
Cash paid for the amounts included in the measurement of lease liabilities
Operating cash flows used for finance leases	$	123		$	125
Operating cash flows used for operating leases	$	1,308		$	1,290
Financing cash flows used for finance leases	$	372		$	372
Weighted average remaining lease term-finance leases (months)		69			80
Weighted average remaining lease term-operating leases (months)		287			293
Weighted average discount rate-finance leases		4.34	%		4.35	%
Weighted average discount rate-operating leases		6.45	%		6.43	%

Future Minimum Payments Against Lease Liabilities Which Recorded in Accrued Expenses and Other Liabilities

Future payments against lease liabilities, which are recorded in Accrued expenses and other liabilities, as of June 30, 2022 are as follows:

(in thousands of dollars)	Finance leases			Operating leases			Total
July 1 to December 31, 2022	$	494		$	1,294		$	1,788
2023		983			2,556			3,539
2024		949			2,471			3,420
2025		929			2,427			3,356
2026		925			2,429			3,354
Thereafter		1,147			48,658			49,805
Total undiscounted lease payments		5,427			59,835			65,262
Less imputed interest		(633	)		(30,690	)		(31,323	)
Total lease liabilities	$	4,794		$	29,145		$	33,939

Lessor, Operating Lease, Payments to be Received, Maturity

As of June 30, 2022, the fixed contractual lease payments, including minimum rents and fixed CAM amounts, to be received over the next five years pursuant to the terms of noncancelable operating leases with initial terms greater than one year are included in the table below. The amounts presented assume that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments that may be received under certain leases for percentage rents or the reimbursement of operating costs, such as common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or, in the case of percentage rents, when the sales data is made available.

(in thousands of dollars)
July 1 to December 31, 2022	$	95,322
2023		174,441
2024		151,194
2025		121,263
2026		101,281
Thereafter		266,295
	$	909,796