Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Lease Revenue Recognized

The table below sets forth our allocation of lease revenue recognized between fixed and variable lease revenue (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Lease revenue	2020		2019		2020		2019
Fixed	$	106,743	$	102,389	$	314,845	$	311,226
Variable	27,132		27,072		82,189		80,553
	$	133,875	$	129,461	$	397,034	$	391,779

Fixed Contractual Payments Due

Fixed contractual payments due under our property leases were as follows (in thousands):

Year Ending December 31,	September 30, 2020		December 31, 2019
2020 (1)	$	107,972	$	388,310
2021	410,966		336,482
2022	362,892		299,356
2023	307,346		245,661
2024	258,059		195,246
Thereafter	773,582		474,741
	$	2,220,817	$	1,939,796

(1)As of September 30, 2020, represents the three months ending December 31, 2020.

Right-of-Use Assets and Lease Liabilities

Our property right-of-use assets consisted of the following (in thousands):

Leases	Balance Sheet Location	September 30, 2020		December 31, 2019
Right-of-use assets
Operating leases - Property	Property - operating right-of-use assets	$	36,442	$	27,864
Finance leases - Property	Property - finance right-of-use assets	40,432		40,458
Total right-of-use assets		$	76,874	$	68,322

Property lease liabilities consisted of the following (in thousands):

Leases	Balance Sheet Location	September 30, 2020		December 31, 2019
Lease liabilities
Operating leases - Property	Property - operating lease liabilities	$	26,382	$	17,317
Finance leases - Property	Other liabilities	28		702
Total lease liabilities		$	26,410	$	18,019

Lease Costs

The table below sets forth the weighted average terms and discount rates of our property leases as of September 30, 2020:

Weighted average remaining lease term
Operating leases	54 years
Finance leases	< 1 year
Weighted average discount rate
Operating leases	7.19	%
Finance leases	3.62	%

The table below presents our total property lease cost (in thousands):

	Statement of Operations Location	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Lease cost		2020		2019		2020		2019
Operating lease cost
Property leases - fixed	Property operating expenses	$	600	$	413	$	1,474	$	1,239
Property leases - variable	Property operating expenses	105		—		107		—
Finance lease cost
Amortization of property right-of-use assets	Property operating expenses	9		9		27		21
		$	714	$	422	$	1,608	$	1,260

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

	For the Nine Months Ended September 30,
Supplemental cash flow information	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	987	$	804
Financing cash flows for financing leases	$	674	$	14

Finance Lease, Liability, Maturity

Payments on property leases were due as follows (in thousands):

	As of September 30, 2020						As of December 31, 2019
Year Ending December 31,	Operating leases		Finance leases		Total		Operating leases		Finance leases		Total
2020 (1)	$	615	$	—	$	615	$	1,092	$	674	$	1,766
2021	2,513		14		2,527		1,138		14		1,152
2022	2,566		14		2,580		1,162		14		1,176
2023	2,601		—		2,601		1,167		—		1,167
2024	2,636		—		2,636		1,173		—		1,173
Thereafter	118,295		—		118,295		100,609		—		100,609
Total lease payments	129,226		28		129,254		106,341		702		107,043
Less: Amount representing interest	(102,844)		—		(102,844)		(89,024)		—		(89,024)
Lease liability	$	26,382	$	28	$	26,410	$	17,317	$	702	$	18,019

(1)As of September 30, 2020, represents the three months ending December 31, 2020.

Lessee, Operating Lease, Liability, Maturity

Payments on property leases were due as follows (in thousands):

	As of September 30, 2020						As of December 31, 2019
Year Ending December 31,	Operating leases		Finance leases		Total		Operating leases		Finance leases		Total
2020 (1)	$	615	$	—	$	615	$	1,092	$	674	$	1,766
2021	2,513		14		2,527		1,138		14		1,152
2022	2,566		14		2,580		1,162		14		1,176
2023	2,601		—		2,601		1,167		—		1,167
2024	2,636		—		2,636		1,173		—		1,173
Thereafter	118,295		—		118,295		100,609		—		100,609
Total lease payments	129,226		28		129,254		106,341		702		107,043
Less: Amount representing interest	(102,844)		—		(102,844)		(89,024)		—		(89,024)
Lease liability	$	26,382	$	28	$	26,410	$	17,317	$	702	$	18,019

(1)As of September 30, 2020, represents the three months ending December 31, 2020.