Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The undiscounted aggregate minimum future rental payments are as follows:

	As of
	September 30,		December 31,
	2022		2021
	(in thousands)
	(unaudited)
2022 (remainder)	$	3,346	$	13,583
2023	11,630		11,755
2024	11,709		10,976
2025	12,875		12,414
2026	11,608		11,016
Thereafter	89,084		88,121
Total lease payments	$	140,252	$	147,865
Less: minimum future rental payments for which the lease has not commenced(1)	—		(26,542)
Total lease payments for which the Company has a right-of-use-asset and corresponding liability	140,252		121,323
Plus: tenant incentive allowance utilized to finance leasehold improvements	10,004		10,560
Less: Interest	(44,539)		(39,192)
Present value of operating lease liabilities	$	105,717	$	92,691

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(1) In December 2021, the Company entered into a new office lease in London for a 10 year term commencing with its right to use the premises in June 2022.

Lease, Cost

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of
	September 30,		December 31,
	2022		2021
	(unaudited)
Weighted average remaining lease term in years	11.1		11.5
Weighted average discount rate	6.8	%	6.8	%