Leases (Lessee) (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of our lease expense (in thousands):

	Income Statement	For the Years Ended December 31,
	Classification	2021			2020
Operating lease cost (1)	(2)	$	10,694		$	9,910
Finance lease cost:
Amortization of right-of-use assets	Real estate depreciation and amortization		51			51
Interest on lease liabilities	Interest		128			128
Sublease income	Other		(4,466	)		(2,614	)
Total lease cost		$	6,407		$	7,475

(1)

Includes short-term leases.

(2)

$6.3 million and $6.0 million included in “Property-related”, with the remainder reflected in the “General and administrative” line of our consolidated statements of net income for 2021 and 2020, respectively.

Schedule Of Future Minimum Rental Payments For Leases Sublease Receivable And Net Payments

Fixed minimum payments due over the remaining lease term under non-cancelable leases of more than one year and amounts to be received in the future from non-cancelable subleases over their remaining lease term at December 31, 2021 are as follows (amounts in thousands):

	Operating Leases			Finance Leases			Amounts To Be Received From Subleases			Net Payments
2022	$	7,376		$	128		$	(4,143	)	$	3,361
2023		7,448			129			(3,963	)		3,614
2024		6,559			130			(3,987	)		2,702
2025		5,666			131			(4,044	)		1,753
2026		5,255			133			(4,015	)		1,373
Thereafter		239,727			4,650			(71,286	)		173,091	(1)
Total undiscounted minimum lease payments	$	272,031		$	5,301		$	(91,438	)	$	185,894
Less: interest		(186,814	)		(3,364	)
Present value of lease liabilities	$	85,217		$	1,937

(1)

Reflects certain ground leases, in which we are the lessee, that have longer initial fixed terms than our existing sublease to our tenants. However, we would expect to either renew the related sublease, enter into a lease with a new tenant, or early terminate the ground lease to reduce or avoid any significant impact from such ground leases.

Summary of Supplemental Balance Sheet Information

Supplemental balance sheet information is as follows (in thousands, except lease terms and discount rate):

	Balance Sheet Classification	December 31, 2021			December 31, 2020
Right of use assets:
Operating leases - real estate	Land	$	68,616		$	73,373
Finance leases - real estate	Land		1,785			1,836
Total real estate right of use assets		$	70,401		$	75,209
Operating leases - corporate	Other assets		7,458			8,234
Total right of use assets		$	77,859		$	83,443

Lease liabilities:
Operating leases	Obligations to tenants and other lease liabilities	$	85,217		$	90,006
Financing leases	Obligations to tenants and other lease liabilities		1,937			1,935
Total lease liabilities		$	87,154		$	91,941

Weighted-average remaining lease term:
Operating leases			40.6			41.1
Finance leases			34.9			35.9
Weighted-average discount rate:
Operating leases			6.4	%		6.4	%
Finance leases			6.6	%		6.6	%

Summary of Supplemental Cash Flow Information

The following is supplemental cash flow information (in thousands):

	For the Years Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,330	$	6,080
Operating cash flows from finance leases		126		125
Non-cash activities - Right-of-use assets obtained in exchange for lease obligations:
Operating leases		1,120		13,832