Leases (Tables)

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023, 2022 and 2021 (presented in thousands).

	For the Year Ended December 31,
	2023		2022		2021
Total lease payments	$	558,200	$	450,369	$	352,797
Less: Operating cost reimbursements and percentage rents		60,694		47,962		36,929
Total non-variable lease payments	$	497,506	$	402,407	$	315,868

Summary of lease income to be received

At December 31, 2023, future non-variable lease payments to be received from the Company’s operating leases for the next five years and thereafter are as follows (presented in thousands):

Year Ending December 31,	2024		2025		2026		2027		2028		Thereafter		Total
Future non-variable lease payments	$	558,548	$	553,567	$	534,151	$	507,623	$	470,740	$	2,341,234	$	4,965,863

Summary of lease costs

The following tables include information on the Company’s land leases for which it is the lessee, for the years ending December 31, 2023, 2022 and 2021 (presented in thousands).

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating leases:
Operating cash outflows	$	1,197	$	1,197	$	1,112
Weighted-average remaining lease term - operating leases (years)		33.2		33.5		33.8
Finance leases:
Operating cash outflows	$	252	$	255	$	215
Financing cash outflows	$	84	$	81	$	93
Weighted-average remaining lease term - finance leases (years)		0.8		1.8		2.8
Supplemental Disclosure:
Right-of-use assets obtained in exchange for new lease liabilities, including value assigned to above market lease terms	$	—	$	1,816	$	6,302
Right-of-use assets net change	$	—	$	1,816	$	6,302

Summary of maturity analysis of lease liabilities for operating land leases

The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2023 for the following five years. (presented in thousands)

Year Ending December 31,	2024		2025		2026		2027		2028		Thereafter		Total
Lease payments	$	1,197	$	1,197	$	1,195	$	1,042	$	1,013	$	27,796	$	33,440
Imputed interest		(690)		(669)		(647)		(627)		(609)		(13,254)		(16,496)
Total lease liabilities	$	507	$	528	$	548	$	415	$	404	$	14,542	$	16,944

Summary of maturity analysis of lease liabilities for finance land leases

The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2023 for the following five years. (presented in thousands)

Year Ending December 31,	2024		2025		2026		2027		2028		Thereafter		Total
Lease payments	$	6,252	$	—	$	—	$	—	$	—	$	—	$	6,252
Imputed interest		(207)		—		—		—		—		—		(207)
Total lease liabilities	$	6,045	$	—	$	—	$	—	$	—	$	—	$	6,045