Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease, Cost

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

	Three Months Ended June 30,
	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	$	214	$	—	$	—	$	214	$	203	$	—	$	—	$	203
Interest on lease liabilities		50		—		—		50		54		—		—		54
Operating lease costs		—		586		45		631		—		586		67		653
Variable lease costs		—		47		196		243		—		45		218		263
Total lease costs	$	264	$	633	$	241	$	1,138	$	257	$	631	$	285	$	1,173
	Six Months Ended June 30,
	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	$	419	$	—	$	—	$	419	$	405	$	—	$	—	$	405
Interest on lease liabilities		92		—		—		92		132		—		—		132
Operating lease costs		—		1,172		90		1,262		—		1,171		135		1,306
Variable lease costs		—		94		402		496		—		91		424		515
Total lease costs	$	511	$	1,266	$	492	$	2,269	$	537	$	1,262	$	559	$	2,358

Supplemental Cash Flows and Terms

Other information related to leases as of and for the six months ended June 30, 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	$	104		$	123
Operating cash flows used for operating leases	$	1,281		$	1,308
Financing cash flows used for finance leases	$	421		$	372
Weighted average remaining lease term-finance leases (months)		57			69
Weighted average remaining lease term-operating leases (months)		211			287
Weighted average discount rate-finance leases		4.63	%		4.34	%
Weighted average discount rate-operating leases		6.46	%		6.45	%

Future Payments Against Lease Liabilities

Future payments against lease liabilities as of June 30, 2023 are as follows:

(in thousands of dollars)	Finance leases			Operating leases			Total
July 1 to December 31, 2023	$	547		$	1,298		$	1,845
2024		1,060			2,471			3,531
2025		1,034			2,428			3,462
2026		1,025			2,429			3,454
2027		949			2,450			3,399
Thereafter		308			46,208			46,516
Total undiscounted lease payments		4,923			57,284			62,207
Less imputed interest		(508	)		(28,869	)		(29,377	)
Total lease liabilities	$	4,415		$	28,415		$	32,830

Lessor, Operating Lease, Payments to be Received, Maturity

As of June 30, 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)
July 1 to December 31, 2023	$	94,532
2024		173,636
2025		141,959
2026		117,818
2027		94,044
Thereafter		211,890
	$	833,879

Disaggregation of Fixed Lease Revenue and Variable Lease Revenue

The disaggregation of fixed lease revenue and variable lease revenue for 2023 and 2022 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of dollars)	2023		2022		2023		2022
Fixed lease revenue	$	51,471	$	52,510	$	102,496	$	103,840
Variable lease revenue		10,037		14,937		20,527		27,890
Total lease revenue	$	61,508	$	67,447	$	123,023	$	131,730