Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of lease costs

The components of lease cost for the years ended December 31, 2021, 2020, and 2019 were as follows (in thousands):

	Years Ended December 31,
	2021		2020		2019
Operating lease cost (a)	$	2,448	$	2,626	$	2,700
Finance lease cost:
Amortization of right-of-use assets (a)	1,022		586		369
Interest on lease liabilities	2,251		915		568

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(a) Includes amortization of above & below-market ground lease intangible assets.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2021, 2020, and 2019 (in thousands):

	Years Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,085	$	2,113	$	1,969
Operating cash flows from finance leases	1,986		864		533

Additional information related to leases as of December 31, 2021 and 2020 were as follows:

	December 31,
	2021		2020
Weighted Average Remaining Lease Term (years)
Operating leases	36.7		44.5
Finance leases	43.7		40.2
Weighted Average Discount Rate
Operating leases	5.5	%	5.4	%
Finance leases	5.7	%	5.2	%

Schedule of maturities of operating lease liabilities

The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount.

Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2022	$	1,789	$	2,217
2023	1,845		2,311
2024	1,881		2,326
2025	1,897		2,363
2026	1,882		2,368
Thereafter	68,385		126,685
Total undiscounted cash flows	77,679		138,270
Present value discount	(46,031)		(92,110)
Discounted cash flows	$	31,648	$	46,160

Schedule of maturities of finance lease liabilities

The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount.

Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2022	$	1,789	$	2,217
2023	1,845		2,311
2024	1,881		2,326
2025	1,897		2,363
2026	1,882		2,368
Thereafter	68,385		126,685
Total undiscounted cash flows	77,679		138,270
Present value discount	(46,031)		(92,110)
Discounted cash flows	$	31,648	$	46,160

Schedule of rental revenue

Rental revenue for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands):

	Years Ended December 31,
	2021		2020		2019
Base rent and tenant charges	$	186,137	$	159,747	$	147,309
Accrued straight-line rental adjustment	4,938		5,927		3,402
Lease incentive amortization	(660)		(693)		(739)
Below/(above) market lease amortization	1,725		1,507		1,367
Total rental revenue	$	192,140	$	166,488	$	151,339

Schedule of minimum rental payments

The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):

Year Ending December 31,	Operating Leases
2022	$	104,222
2023	101,071
2024	92,780
2025	79,645
2026	71,447
Thereafter	328,359
Total	$	777,524