Leases (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020. (presented in thousands)

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Total lease payments	$	91,205	$	65,762	$	256,246	$	184,144
Less: Operating cost reimbursements and percentage rents		9,546		6,897		27,090		19,981
Total non-variable lease payments	$	81,659	$	58,865	$	229,156	$	164,163

Summary of lease income to be received

At September 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	$	85,101	$	338,867	$	332,914	$	321,677	$	310,144	$	1,936,234	$	3,324,937

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 nine months ended September 30, 2021 and 2020. (presented in thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Operating leases:
Operating cash outflows	$	282		$	267		$	816		$	802
Weighted-average remaining lease term - operating leases (years)		33.9			38.2			33.9			38.2
Weighted-average discount rate - operating leases		4.13	%		4.13	%		4.13	%		4.13	%
Finance leases:
Operating cash outflows	$	64		$	—		$	151		$	—
Financing cash outflows	$	19		$	—		$	73		$	—
Weighted-average remaining lease term - finance leases (years)		3.0			—			3.0			—
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		$	—
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	$	295	$	1,197	$	1,197	$	1,197	$	1,197	$	31,045	$	36,128
Imputed interest		(186)		(730)		(711)		(690)		(669)		(15,137)		(18,123)
Total lease liabilities	$	109	$	467	$	486	$	507	$	528	$	15,908	$	18,005

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	$	84	$	336	$	336	$	6,196	$	—	$	—	$	6,952
Imputed interest		(64)		(255)		(252)		(207)		—		—		(778)
Total lease liabilities	$	20	$	81	$	84	$	5,989	$	—	$	—	$	6,174