Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases

Summary of lease income

The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the three months ended March 31, 2021 and 2020. (presented in thousands)

	Three Months Ended
	March 31, 2021		March 31, 2020
Total lease payments	$	80,200	$	58,096
Less: Operating cost reimbursements and percentage rents		8,976		6,893
Total non-variable lease payments	$	71,224	$	51,203

Summary of lease income to be received

At March 31, 2021, future non-variable lease payments to be received from the Company’s operating leases for the remainder of 2021, the following four years, and thereafter are as follows (presented in thousands):

	2021
Year Ending December 31,	(remaining)		2022		2023		2024		2025		Thereafter		Total
Future non-variable lease payments	$	216,360	$	286,948	$	282,249	$	271,968	$	261,085	$	1,575,641	$	2,894,251

Summary of lease costs

The following tables include information on the Company’s land leases for which it is the lessee, for the three months ended March 31, 2021 and 2020. (presented in thousands)

	Three Months Ended
	March 31, 2021			March 31, 2020
Operating leases:
Operating cash outflows	$	267		$	267
Weighted-average remaining lease term - operating leases (years)		36.3			38.2
Weighted-average discount rate - operating leases		4.13	%		4.13	%
Finance leases:
Operating cash outflows	$	22		$	—
Financing cash outflows	$	34		$	—
Weighted-average remaining lease term - operating leases (years)		36.3			—
Weighted-average discount rate - operating leases		4.13	%		—	%
Supplemental Disclosure
Right-of-use assets obtained in exchange for new lease liabilities	$	6,302		$	—
Right-of-use assets net change	$	6,302		$	—

Summary of maturity analysis of operating lease liabilities

Maturity Analysis of Lease Liabilities for Operating Leases (presented in thousands)

	2021
Year Ending December 31,	(remaining)		2022		2023		2024		2025		Thereafter		Total
Lease payments	$	766	$	1,009	$	1,009	$	1,009	$	1,009	$	29,996	$	34,798
Imputed interest		(512)		(671)		(657)		(642)		(627)		(15,024)		(18,133)
Total lease liabilities	$	254	$	338	$	352	$	367	$	382	$	14,972	$	16,665

Summary of maturity analysis of finance lease liabilities

Maturity Analysis of Lease Liabilities for Finance Leases (presented in thousands)

	2021
Year Ending December 31,	(remaining)		2022		2023		2024		2025		Thereafter		Total
Lease payments	$	252	$	336	$	336	$	6,196	$	—	$	—	$	7,120
Imputed interest		(193)		(255)		(252)		(207)		—		—		(907)
Total lease liabilities	$	59	$	81	$	84	$	5,989	$	—	$	—	$	6,213