LEASES

6 Months Ended

Jun. 30, 2023

The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office, and other miscellaneous office equipment. These leases have remaining terms of one year to 75.1 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. As of June 30, 2023 and December 31, 2022, the weighted-average operating lease term was approximately 32.3 years and 34.0, respectively. Certain leases also include options to purchase the leased property. As of June 30, 2023 and December 31, 2022, our weighted-average incremental borrowing rate for leases was 4.8%.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business. In addition, we lease certain owned real estate to third parties. We recorded gross third-party tenant income of $0.7 million and $0.6 million during the three months ended June 30, 2023 and 2022, respectively, and $1.4 million and $1.1 million during the six months ended June 30, 2023 and 2022, respectively, which were recorded in Interest income and other, net in our Condensed Consolidated Statement of Operations.

During the three months ended June 30, 2023 and 2022, the Company's total operating lease cost was $1.1 million and $1.0 million, respectively, and the operating cash payments on operating leases were $1.0 million and $0.9 million, respectively. During the six months ended June 30, 2023 and 2022, the Company's total operating lease cost was $2.3 million and $1.9 million, respectively, and the operating cash payments on operating leases were $2.0 million and $1.8 million, respectively.

Operating lease maturities as of June 30, 2023 are as follows (in thousands):


For the Year Ending December 31,	Amount
2023	$	1,154
2024	2,264
2025	2,285
2026	2,239
2027	2,282
Thereafter	37,956
Total lease payments (1)	48,180
Less: Imputed interest	(21,797)
Total	$	26,383

(1)Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.