Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease, Cost

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

	Three Months Ended March 31,
	2023								2022
(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	$	205	$	—	$	—	$	205	$	202	$	—	$	—	$	202
Interest on lease liabilities		42		—		—		42		78		—		—		78
Operating lease costs		—		586		45		631		—		585		68		653
Variable lease costs		—		47		206		253		—		46		206		252
Total lease costs	$	247	$	633	$	251	$	1,131	$	280	$	631	$	274	$	1,185

Supplemental Cash Flows and Terms

Other information related to leases as of and for the three months ended March 31, 2023 and 2022 are as follows:

(in thousands of dollars)	2023			2022
Cash paid for the amounts included in the measurement of lease liabilities
Operating cash flows used for finance leases	$	54		$	63
Operating cash flows used for operating leases	$	640		$	653
Financing cash flows used for finance leases	$	196		$	185
Weighted average remaining lease term-finance leases (months)		60			72
Weighted average remaining lease term-operating leases (months)		214			292
Weighted average discount rate-finance leases		4.36	%		4.34	%
Weighted average discount rate-operating leases		6.46	%		6.44	%

Future Payments Against Lease Liabilities

Future payments against lease liabilities as of March 31, 2023 are as follows:

(in thousands of dollars)	Finance leases			Operating leases			Total
April 1 to December 31, 2023	$	738		$	1,937		$	2,675
2024		950			2,471			3,421
2025		929			2,428			3,357
2026		926			2,429			3,355
2027		859			2,450			3,309
Thereafter		288			46,208			46,496
Total undiscounted lease payments		4,690			57,923			62,613
Less imputed interest		(489	)		(29,322	)		(29,811	)
Total lease liabilities	$	4,201		$	28,601		$	32,802

Lessor, Operating Lease, Payments to be Received, Maturity

As of March 31, 2023, 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 noncancellable 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)
April 1 to December 31, 2023	$	183,398
2024		218,494
2025		180,224
2026		145,850
2027		117,112
Thereafter		297,358
	$	1,142,436

Disaggregation of Fixed Lease Revenue and Variable Lease Revenue

The disaggregation of fixed lease revenue and variable lease revenue for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended March 31,
(in thousands of dollars)	2023		2022
Fixed lease revenue	$	51,025	$	51,330
Variable lease revenue		10,490		12,953
Total lease revenue	$	61,515	$	64,283