	March 31, 2022			December 31, 2021
Right-of-use assets – finance leases	$	339,882		$	319,457
Telecom real property interests		1,320,185			1,257,373
		1,660,067			1,576,830
Less accumulated amortization:
Right-of-use assets - finance leases		(20,921	)		(17,592	)
Telecom real property interests		(97,612	)		(83,187	)
Real property interests, net	$	1,541,534		$	1,476,051

The Company’s real property interests typically consist of leasehold interests or fee simple interests, acquired either through an upfront payment or on an installment basis from property owners who have leased their property to companies that own telecommunications infrastructure assets. The agreements that provide for the leasehold interests typically are easement agreements or similar arrangements, which provide the Company with certain beneficial rights, but not obligations, with respect to the underlying Tenant Leases. The beneficial rights acquired principally include the right to receive the rental income related to the lease with the in-place tenant, and in certain circumstances, additional rents. In most cases, the stated term of the leasehold interest is longer than the remaining term of the in-place Tenant Lease, which provides the Company with the right and opportunity for renewals and extensions. In cases in which the Company acquires a leasehold interest, the Company is both a lessor and a lessee. Although the Company has the rights under the acquired leasehold interests over the duration of the entire term, the underlying tenant, in most cases, can terminate their lease acquired by the Company within a short time frame (30 to 180 day notice) without penalty. Similarly, when the Company acquires a fee simple interest, the beneficial rights associated with the in-place Tenant Leases are acquired and the Company owns the property underlying or containing the telecommunication infrastructure assets.

The costs of acquiring a real property interest are recorded either as a right-of-use asset, if the arrangement is determined to be a lease at the inception of the agreement under Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), or as a telecom real property interest asset, if the acquisition meets the definition of an asset acquisition. Telecom real property interests and finance lease right of use assets are stated at cost less accumulated amortization, and amortization is computed using the straight-line method over their estimated useful lives. Finance lease right-of-use assets are amortized over the lesser of the lease term or the estimated useful life of the underlying asset associated with the leasing arrangement.

For a real property interest arrangement determined to be a lease, the Company records a right-of-use asset and a lease liability. The weighted-average remaining lease term for leases classified as finance leases was 40.1 years as of March 31, 2022 and December 31, 2021. The Company recorded finance lease expense and interest expense associated with finance lease liabilities in the condensed consolidated statements of operations as follows:

Three months

ended

March 31,

2022

Three months

ended

March 31,

2021

Finance lease expense

3,598

2,391

Interest expense – lease liability

256

185

The Company’s lease agreements do not state an implicit borrowing rate; therefore, an internal incremental borrowing rate was determined based on information available at the lease commencement date for the purposes of determining the present value of lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each geographical market. The weighted-average incremental borrowing rate was 4.1% and 3.9% as of March 31, 2022 and December 31, 2021, respectively.

Supplemental cash flow information related to finance leases for the respective periods was as follows:

	Three months ended March 31, 2022		Three months ended March 31, 2021
Cash paid for amounts included in the measurement of finance lease liabilities:
Operating cash flows from finance leases	$	136	$	62
Financing cash flows from finance leases	$	3,170	$	2,632
Finance lease liabilities arising from obtaining right-of-use assets	$	3,565	$	3,659

For acquisitions of real property interests accounted for under the acquisition method of accounting, the recorded amount of the telecom real property interest asset represents allocation of the purchase price based on the contractual cash flows associated with the Tenant Lease, including rights and opportunities for renewals thereof.

Under certain circumstances, the contractual payments for the acquired telecom real property interests are made to property owners on a noninterest-bearing basis over a specified period of time. Included in telecom real property interest liabilities in the condensed consolidated balance sheets, the liabilities associated with telecom real property interests were initially measured at the present value of the unpaid payments.

For telecom real property interests, amortization expense was $14,545 and $11,199 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, amortization expense to be recognized for each of the succeeding five years was as follows:

Remainder of 2022	$	48,100
2023		63,579
2024		63,579
2025		63,052
2026		63,052
Thereafter		921,211
	$	1,222,573

Maturities of finance lease liabilities and telecom real property interest liabilities as of March 31, 2022 were as follows:

	Finance Lease			Telecom Real Property Interest
Remainder of 2022	$	8,311		$	2,569
2023		12,213			8,576
2024		6,486			3,730
2025		4,296			402
2026		3,126			368
Thereafter		4,191			558
Total lease payments		38,623			16,203
Less amounts representing future interest		(2,752	)		(645	)
Total liability		35,871			15,558
Less current portion		(12,656	)		(5,779	)
Non-current liability	$	23,215		$	9,779

As of March 31, 2022, the weighted-average remaining contractual payment term for finance leases was 3.3 years.