Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lease, Cost

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

	Three Months Ended September 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	$	245	$	—	$	—	$	245	$	200	$	—	$	—	$	200
Interest on lease liabilities		55		—		—		55		52		—		—		52
Operating lease costs		—		586		45		631		—		586		61		647
Variable lease costs		—		47		193		240		—		46		216		262
Total lease costs	$	300	$	633	$	238	$	1,171	$	252	$	632	$	277	$	1,161
	Nine Months Ended September 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	$	664	$	—	$	—	$	664	$	604	$	—	$	—	$	604
Interest on lease liabilities		147		—		—		147		183		—		—		183
Operating lease costs		—		1,758		135		1,893		—		1,757		197		1,954
Variable lease costs		—		141		595		736		—		137		639		776
Total lease costs	$	811	$	1,899	$	730	$	3,440	$	787	$	1,894	$	836	$	3,517

Supplemental Cash Flows and Terms

Other information related to leases as of and for the nine months ended September 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	$	147		$	182
Operating cash flows used for operating leases	$	1,919		$	1,961
Financing cash flows used for finance leases	$	652		$	561
Weighted average remaining lease term-finance leases (months)		55			66
Weighted average remaining lease term-operating leases (months)		226			285
Weighted average discount rate-finance leases		4.22	%		4.37	%
Weighted average discount rate-operating leases		6.48	%		6.45	%

Future Payments Against Lease Liabilities

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

(in thousands of dollars)	Finance leases			Operating leases			Total
October 1 to December 31, 2023	$	272		$	658		$	930
2024		1,060			2,475			3,535
2025		1,034			2,431			3,465
2026		1,025			2,429			3,454
2027		949			2,450			3,399
Thereafter		308			46,208			46,516
Total undiscounted lease payments		4,648			56,651			61,299
Less imputed interest		(457	)		(28,438	)		(28,895	)
Total lease liabilities	$	4,191		$	28,213		$	32,404

Lessor, Operating Lease, Payments to be Received, Maturity

As of September 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)
October 1 to December 31, 2023	$	47,784
2024		176,485
2025		145,760
2026		121,239
2027		97,137
Thereafter		222,197
	$	810,602

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 September 30,				Nine Months Ended September 30,
(in thousands of dollars)	2023		2022		2023		2022
Fixed lease revenue	$	51,878	$	52,446	$	154,374	$	156,286
Variable lease revenue		10,260		14,298		30,787		42,188
Total lease revenue	$	62,138	$	66,744	$	185,161	$	198,474