LEASES

3 Months Ended

Mar. 31, 2024

The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office, and miscellaneous office equipment. These leases have remaining terms of one year to 74.3 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 March 31, 2024 and December 31, 2023, the weighted-average operating lease term was approximately 32.2 years. Certain leases also include options to purchase the leased property. As of March 31, 2024 and December 31, 2023, 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 $0.8 million and $0.7 million during the three months ended March 31, 2024 and 2023, respectively, which was recorded in Other income (loss), net in our Condensed Consolidated Statement of Operations.

During the three months ended March 31, 2024 and 2023, the Company's total operating lease cost was $1.2 million and $1.1 million, respectively, and the operating cash payments on operating leases were $1.1 million and $1.0 million, respectively.

Operating lease maturities as of March 31, 2024 are as follows (in thousands):


For the Year Ending December 31,	Amount
2024	$	1,678
2025	2,251
2026	2,205
2027	2,247
2028	2,090
Thereafter	35,803
Total lease payments (1)	46,274
Less: Imputed interest	(20,861)
Total	$	25,413

(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.