Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, Cost

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

	Three Months Ended September 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	$	200	$	—	$	—	$	200	$	202	$	—	$	—	$	202
Interest on lease liabilities		52		—		—		52		59		—		—		59
Operating lease costs		—		586		61		647		—		436		306		742
Variable lease costs		—		46		216		262		—		45		217		262
Total lease costs	$	252	$	632	$	277	$	1,161	$	261	$	481	$	523	$	1,265
	Nine Months Ended September 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	$	604	$	—	$	—	$	604	$	607	$	—	$	—	$	607
Interest on lease liabilities		183		—		—		183		184		—		—		184
Operating lease costs		—		1,757		197		1,954		—		1,309		944		2,253
Variable lease costs		—		137		639		776		—		135		387		522
Total lease costs	$	787	$	1,894	$	836	$	3,517	$	791	$	1,444	$	1,331	$	3,566

Supplemental Cash Flows and Terms

Other information related to leases as of and for the nine months ended September 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	$	182		$	184
Operating cash flows used for operating leases	$	1,961		$	2,028
Financing cash flows used for finance leases	$	561		$	560
Weighted average remaining lease term-finance leases (months)		66			77
Weighted average remaining lease term-operating leases (months)		285			292
Weighted average discount rate-finance leases		4.37	%		4.33	%
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 September 30, 2022 are as follows:

(in thousands of dollars)	Finance leases			Operating leases			Total
October 1 to December 31, 2022	$	247		$	645		$	892
2023		985			2,556			3,541
2024		950			2,471			3,421
2025		929			2,427			3,356
2026		926			2,429			3,355
Thereafter		1,147			48,658			49,805
Total undiscounted lease payments		5,184			59,186			64,370
Less imputed interest		(586	)		(30,236	)		(30,822	)
Total lease liabilities	$	4,598		$	28,950		$	33,548

Lessor, Operating Lease, Payments to be Received, Maturity

As of September 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. Except for utility reimbursements, the fixed and variable lease payments are included with lease revenue in the consolidated statements of operations. Utility reimbursements are included within expense reimbursements as a separate line item in the consolidated statement of operations as their pattern of transfer is not aligned with the other payments.

(in thousands of dollars)	Lease Payment
October 1 to December 31, 2022	$	56,077
2023		199,618
2024		171,869
2025		136,809
2026		114,658
Thereafter		314,716
	$	993,747