Leases (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (presented in thousands):

	Three Months Ended
	March 31, 2024		March 31, 2023
Total lease payments	$	154,698	$	132,152
Less: Operating cost reimbursements and percentage rents		17,837		16,391
Total non-variable lease payments	$	136,861	$	115,761

Summary of lease income to be received

At March 31, 2024, future non-variable lease payments to be received from the Company’s operating leases for the remainder of 2024, the following four years, and thereafter are as follows (presented in thousands):

	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Future non-variable lease payments	$	428,698	$	569,852	$	550,528	$	524,190	$	486,812	$	2,402,967	$	4,963,047

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, 2024 and 2023. (presented in thousands)

	Three Months Ended
	March 31, 2024		March 31, 2023
Operating leases:
Operating cash outflows	$	299	$	299
Weighted-average remaining lease term - operating leases (years)		33.2		33.4
Finance leases:
Operating cash outflows	$	62	$	63
Financing cash outflows	$	22	$	21
Weighted-average remaining lease term - finance leases (years)		0.5		1.5

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 March 31, 2024 for the remainder of 2024 and the following four years. (presented in thousands)

	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Lease payments	$	897	$	1,197	$	1,195	$	1,042	$	1,013	$	27,796	$	33,140
Imputed interest		(516)		(669)		(647)		(627)		(609)		(13,254)		(16,322)
Total lease liabilities	$	381	$	528	$	548	$	415	$	404	$	14,542	$	16,818

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 March 31, 2024 for the remainder of 2024 and the following four years. (presented in thousands)

	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Lease payments	$	6,168	$	—	$	—	$	—	$	—	$	—	$	6,168
Imputed interest		(145)		—		—		—		—		—		(145)
Total lease liabilities	$	6,023	$	—	$	—	$	—	$	—	$	—	$	6,023