Leases (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020. (presented in thousands)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Total lease payments	$	84,842	$	60,288	$	165,042	$	118,384
Less: Operating cost reimbursements and percentage rents		8,569		6,192		17,544		13,085
Total non-variable lease payments	$	76,273	$	54,096	$	147,498	$	105,299

Summary of lease income to be received

At June 30, 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	$	154,195	$	308,793	$	303,815	$	293,450	$	283,326	$	1,744,997	$	3,088,576

Summary of lease costs

The following tables include information on the Company’s land leases for which it is the lessee, for the three and six months ended June 30, 2021 and 2020. (presented in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Operating leases:
Operating cash outflows	$	267		$	267		$	534		$	534
Weighted-average remaining lease term - operating leases (years)		36.3			38.2			36.3			38.2
Weighted-average discount rate - operating leases		4.13	%		4.13	%		4.13	%		4.13	%
Finance leases:
Operating cash outflows	$	65		$	-		$	86		$	—
Financing cash outflows	$	19		$	-		$	118		$	—
Weighted-average remaining lease term - finance leases (years)		3.3			-			3.3			—
Weighted-average discount rate - operating leases		4.13	%		-	%		4.13	%		—	%
Supplemental Disclosure:
Right-of-use assets obtained in exchange for new lease liabilities	$	6,302		$	—		$	6,302		$	—
Right-of-use assets net change	$	6,302		$	—		$	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	$	499	$	1,009	$	1,009	$	1,009	$	1,009	$	29,996	$	34,531
Imputed interest		(341)		(671)		(657)		(642)		(627)		(15,024)		(17,962)
Total lease liabilities	$	158	$	338	$	352	$	367	$	382	$	14,972	$	16,569

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	$	168	$	336	$	336	$	6,196	$	—	$	—	$	7,036
Imputed interest		(129)		(255)		(252)		(207)		—		—		(843)
Total lease liabilities	$	39	$	81	$	84	$	5,989	$	—	$	—	$	6,193