Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Operating Lease Revenue Recognized

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

	For the Years Ended December 31,
Lease revenue	2020		2019
Fixed	$	425,593	$	412,342
Variable	110,534		110,130
	$	536,127	$	522,472

Sales-type leases fixed contractual payments due

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

	As of December 31, 2020
Year Ending December 31,	Operating leases		Sales-type leases
2021	$	424,585	$	871
2022	378,573		949
2023	324,917		949
2024	276,488		949
2025	197,677		949
Thereafter	745,303		4,464
Total contractual payments	$	2,347,543	9,131
Less: Amount representing interest			(2,558)
Net investment in sales-type leases			$	6,573

Operating leases fixed contractual payments due

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

	As of December 31, 2020
Year Ending December 31,	Operating leases		Sales-type leases
2021	$	424,585	$	871
2022	378,573		949
2023	324,917		949
2024	276,488		949
2025	197,677		949
Thereafter	745,303		4,464
Total contractual payments	$	2,347,543	9,131
Less: Amount representing interest			(2,558)
Net investment in sales-type leases			$	6,573

Right-of-Use Assets and Lease Liabilities

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

		As of December 31,
Leases	Balance Sheet Location	2020		2019
Right-of-use assets
Operating leases - Property	Property - operating right-of-use assets	$	40,570	$	27,864
Finance leases - Property	Property - finance right-of-use assets	40,425		40,458
Total right-of-use assets		$	80,995	$	68,322

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

		As of December 31,
Leases	Balance Sheet Location	2020		2019
Lease liabilities
Operating leases - Property	Property - operating lease liabilities	$	30,746	$	17,317
Finance leases - Property	Other liabilities	28		702
Total lease liabilities		$	30,774	$	18,019

Lease Costs

The table below sets forth the weighted average terms and discount rates of our property leases as of December 31, 2020:

Weighted average remaining lease term
Operating leases	50 years
Finance leases	< 1 year
Weighted average discount rate
Operating leases	7.21	%
Finance leases	3.62	%

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

		For the Years Ended December 31,
Lease cost	Statement of Operations Location	2020		2019
Operating lease cost
Property leases - fixed	Property operating expenses	$	2,413	$	1,664
Property leases - variable	Property operating expenses	127		4
Finance lease cost
Amortization of property right-of-use assets	Property operating expenses	34		30
		$	2,574	$	1,698

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

	For the Years Ended December 31,
Supplemental cash flow information	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,694	$	1,004
Financing cash flows for financing leases	$	674	$	14

Finance Lease, Liability, Maturity

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

	As of December 31, 2020						As of December 31, 2019
Year Ending December 31,	Operating leases		Finance leases		Total		Operating leases		Finance leases		Total
2020	N/A		N/A		N/A		$	1,092	$	674	$	1,766
2021	$	3,211	$	14	$	3,225	1,138		14		1,152
2022	3,332		14		3,346		1,162		14		1,176
2023	3,382		—		3,382		1,167		—		1,167
2024	3,434		—		3,434		1,173		—		1,173
2025	1,780		—		1,780		N/A		N/A		N/A
Thereafter	126,350		—		126,350		100,609		—		100,609
Total lease payments	141,489		28		141,517		106,341		702		107,043
Less: Amount representing interest	(110,743)		—		(110,743)		(89,024)		—		(89,024)
Lease liability	$	30,746	$	28	$	30,774	$	17,317	$	702	$	18,019

Operating Lease, Liability, Maturity

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

	As of December 31, 2020						As of December 31, 2019
Year Ending December 31,	Operating leases		Finance leases		Total		Operating leases		Finance leases		Total
2020	N/A		N/A		N/A		$	1,092	$	674	$	1,766
2021	$	3,211	$	14	$	3,225	1,138		14		1,152
2022	3,332		14		3,346		1,162		14		1,176
2023	3,382		—		3,382		1,167		—		1,167
2024	3,434		—		3,434		1,173		—		1,173
2025	1,780		—		1,780		N/A		N/A		N/A
Thereafter	126,350		—		126,350		100,609		—		100,609
Total lease payments	141,489		28		141,517		106,341		702		107,043
Less: Amount representing interest	(110,743)		—		(110,743)		(89,024)		—		(89,024)
Lease liability	$	30,746	$	28	$	30,774	$	17,317	$	702	$	18,019