LEASES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

LEASES

We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms with extension options that range from May 2062 to October 2103. We also have two additional office space leases with terms ranging from March 2023 to December 2027. Lease costs for our office spaces are included in General and Administrative expense.

The components of lease costs for the three months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	1,050	$	153	$	1,203	$	1,050	$	121	$	1,171
Variable lease costs	481		87		568		14		83		97
Total lease costs	$	1,531	$	240	$	1,771	$	1,064	$	204	$	1,268

The components of lease costs for the six months ended June 30, 2022 and 2021 were as follows:

	Six months ended June 30, 2022						Six months ended June 30, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	2,101	$	242	$	2,343	$	2,126	$	242	$	2,368
Variable lease costs	520		156		676		38		167		205
Total lease costs	$	2,621	$	398	$	3,019	$	2,164	$	409	$	2,573

Other information related to leases as of and for the six months ended June 30, 2022 and 2021 is as follows:

	June 30, 2022			June 30, 2021
Cash paid from operating cash flow for operating leases	$	2,758		$	2,246
Weighted average remaining lease term (in years)	63.5			64.2
Weighted average discount rate	7.86		%	7.87		%

As noted in Note 2 - Investment in Hotel Properties, on April 27, 2022, we entered into a purchase and sale agreement to sell seven hotel properties, including the Courtyard Sunnyvale, CA, which is subject to a land lease and included in the tables above.

LEASES

LEASES

We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms with extension options that range from May 2062 to October 2103. We also have two additional office space leases with terms ranging from March 2023 to December 2027. Lease costs for our office spaces are included in General and Administrative expense.

The components of lease costs for the three months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	1,050	$	153	$	1,203	$	1,050	$	121	$	1,171
Variable lease costs	481		87		568		14		83		97
Total lease costs	$	1,531	$	240	$	1,771	$	1,064	$	204	$	1,268

The components of lease costs for the six months ended June 30, 2022 and 2021 were as follows:

	Six months ended June 30, 2022						Six months ended June 30, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	2,101	$	242	$	2,343	$	2,126	$	242	$	2,368
Variable lease costs	520		156		676		38		167		205
Total lease costs	$	2,621	$	398	$	3,019	$	2,164	$	409	$	2,573

Other information related to leases as of and for the six months ended June 30, 2022 and 2021 is as follows:

	June 30, 2022			June 30, 2021
Cash paid from operating cash flow for operating leases	$	2,758		$	2,246
Weighted average remaining lease term (in years)	63.5			64.2
Weighted average discount rate	7.86		%	7.87		%

As noted in Note 2 - Investment in Hotel Properties, on April 27, 2022, we entered into a purchase and sale agreement to sell seven hotel properties, including the Courtyard Sunnyvale, CA, which is subject to a land lease and included in the tables above.