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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Lessee, Lease, Description [Line Items]  
Lease, Cost
The following table provides lease cost information for the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Year ended December 31,
Lease costs202320222021
Operating lease costs (1)$14,451 $12,700 $13,151 
Finance lease costs
Amortization of right of use asset (2)$2,821 $697 $547 
Interest on lease liabilities (3)$13,747 $3,236 $2,471 
_______________
(1)One of the operating leases relate to assets under development for a portion of the year ended December 31, 2023 and as such, the operating lease costs were capitalized. For December 31, 2022 and 2021, no operating leases related to assets under development.
(2)The finance leases relate to either land, buildings or assets that remain in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy.
(3)One, one and two of the finance leases relate to assets under development for all or a portion of the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively, and as such, a portion of the interest amount was capitalized.
The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2023 and December 31, 2022:
December 31, 2023December 31, 2022
Other information
Weighted-average remaining lease term (in years)
Operating leases7049
Finance leases6068
Weighted-average discount rate
Operating leases6.6 %5.7 %
Finance leases6.1 %6.2 %
Lessee, Operating Lease, Liability, Maturity
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2023 (in thousands):
Operating Finance
2024 (1)$29,989 $70,370 
202535,733 32,232 
202610,100 31,972 
20279,885 32,170 
2028 (1)14,637 118,232 
Thereafter 3,546,537 1,342,174 
Total lease payments3,646,881 1,627,150 
Less:
Interest portion3,296,490 1,209,189 
Present value of lease payments$350,391 $417,961 
_______________
(1)Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all.
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2022 (in thousands):
Operating Finance
2023$22,415 $9,306 
2024 (1)22,274 49,343 
202510,308 9,971 
202610,100 10,166 
20279,885 10,364 
Thereafter528,915 1,352,647 
Total lease payments603,897 1,441,797 
Less:
Interest portion399,211 1,192,462 
Present value of lease payments$204,686 $249,335 
_______________
(1)Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated.
Finance Lease, Liability, Maturity
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2023 (in thousands):
Operating Finance
2024 (1)$29,989 $70,370 
202535,733 32,232 
202610,100 31,972 
20279,885 32,170 
2028 (1)14,637 118,232 
Thereafter 3,546,537 1,342,174 
Total lease payments3,646,881 1,627,150 
Less:
Interest portion3,296,490 1,209,189 
Present value of lease payments$350,391 $417,961 
_______________
(1)Finance lease payments in 2024 and 2028 include approximately $38.7 million and $105.3 million, respectively, related to purchase options that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated or at all.
The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2022 (in thousands):
Operating Finance
2023$22,415 $9,306 
2024 (1)22,274 49,343 
202510,308 9,971 
202610,100 10,166 
20279,885 10,364 
Thereafter528,915 1,352,647 
Total lease payments603,897 1,441,797 
Less:
Interest portion399,211 1,192,462 
Present value of lease payments$204,686 $249,335 
_______________
(1)Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground lease. There can be no assurance that the Company will ultimately exercise the purchase options on the schedule currently contemplated.
Lessor, Lease, Description [Line Items]  
Operating Lease, Lease Income [Table Text Block]
Lessor
Operating Leases
The following table summarizes the components of lease revenue recognized during the years ended December 31, 2023, 2022 and 2021 included within the Company's Consolidated Statements of Operations (in thousands):
Year ended December 31,
Lease Revenue202320222021
Fixed contractual payments$2,503,106 $2,426,007 $2,319,362 
Variable lease payments550,641 492,361 433,652 
Sales-type lease926 — — 
$3,054,673 $2,918,368 $2,753,014 
Lessor, Operating Lease, Payments to be Received, Maturity
The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2023, under non-cancelable operating leases which expire on various dates through 2049 (in thousands): 
Years Ending December 31,
2024$2,420,047 
20252,444,826 
20262,379,371 
20272,281,437 
20282,140,919 
Thereafter15,592,965 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
The following table provides the future contractual payments to be received as of December 31, 2023 (in thousands):
December 31, 2023
2024$31 
2025124 
2026372 
2027756 
2028775 
Thereafter 267,474 
Total lease payments to be received269,532 
Less:
Interest portion255,579 
Sales-type lease receivable13,953 
Unguaranteed residual asset18 
Current expected credit loss adjustment(267)
Sales-type lease receivable, net$13,704 
The following table provides the future contractual payments to be received as of December 31, 2022 (in thousands):
December 31, 2022
2023$— 
202431 
2025124 
2026372 
2027756 
Thereafter 268,249 
Total lease payments to be received269,532 
Less:
Interest portion256,504 
Sales-type lease receivable13,028 
Unguaranteed residual asset17 
Current expected credit loss adjustment(234)
Sales-type lease receivable, net$12,811