Leases (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Leases |
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| 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, 2024 and 2023 (presented in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | Total lease payments | | $ | 159,566 | | $ | 141,960 | | $ | 471,652 | | $ | 409,802 | Less: Operating cost reimbursements, termination income and percentage rents | | | 16,246 | | | 14,388 | | | 52,752 | | | 45,509 | Total non-variable lease payments | | $ | 143,320 | | $ | 127,572 | | $ | 418,900 | | $ | 364,293 |
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| Summary of lease income to be received |
At September 30, 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 | | $ | 150,652 | | | $ | 603,010 | | $ | 586,237 | | $ | 557,626 | | $ | 520,424 | | $ | 2,588,169 | | $ | 5,006,118 |
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| 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, 2024 and 2023. (presented in thousands) | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | Nine Months Ended | | | September 30, 2024 | | | September 30, 2023 | | | | September 30, 2024 | | | September 30, 2023 | | Operating leases: | | | | | | | | | | | | | | | | | | Operating cash outflows | | $ | 299 | | | $ | 299 | | | | $ | 898 | | | $ | 898 | | Weighted-average remaining lease term - operating leases (years) | | | 29.9 | | | | 33.3 | | | | | 29.9 | | | | 33.3 | | | | | | | | | | | | | | | | | | | | Finance leases: | | | | | | | | | | | | | | | | | | Operating cash outflows | | $ | 62 | | | $ | 63 | | | | $ | 186 | | | $ | 189 | | Financing cash outflows | | $ | 25 | | | $ | 21 | | | | $ | 68 | | | $ | 63 | | Weighted-average remaining lease term - finance leases (years) | | | 2.2 | | | | 1.0 | | | | | 2.2 | | | | 1.0 | | | | | | | | | | | | | | | | | | | | Supplemental Disclosure: | | | | | | | | | | | | | | | | | | Right-of-use assets obtained in exchange for new lease liabilities | | $ | 596 | | | $ | — | | | | $ | 961 | | | $ | — | |
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| 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 September 30, 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 | | $ | 299 | | | $ | 1,216 | | $ | 1,215 | | $ | 1,062 | | $ | 1,034 | | $ | 28,760 | | $ | 33,586 | Imputed interest | | | (171) | | | | (692) | | | (670) | | | (650) | | | (633) | | | (13,840) | | | (16,656) | Total lease liabilities | | $ | 128 | | | $ | 524 | | $ | 545 | | $ | 412 | | $ | 401 | | $ | 14,920 | | $ | 16,930 |
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| 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 September 30, 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 | | $ | 6,012 | | | $ | 40 | | $ | 40 | | $ | 40 | | $ | 40 | | $ | 991 | | $ | 7,163 | Imputed interest | | | (29) | | | | (34) | | | (34) | | | (33) | | | (33) | | | (427) | | | (590) | Total lease liabilities | | $ | 5,983 | | | $ | 6 | | $ | 6 | | $ | 7 | | $ | 7 | | $ | 564 | | $ | 6,573 |
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