LEASES (Tables)

6 Months Ended

Jun. 30, 2022

LEASES

Schedule of components of lease revenues

The components of lease revenues are as follows (amounts in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Fixed lease revenues	$	18,405	$	17,435	$	36,746	$	34,900
Variable lease revenues		2,860		2,662		5,861		5,649
Lease revenues (a)	$	21,265	$	20,097	$	42,607	$	40,549

(a) Excludes amortization related to lease intangible assets and liabilities of $207 and $396 for the three and six months ended June 30, 2022, respectively, and $208 and $440 for the three and six months ended June 30, 2021, respectively.

Schedule of minimum future contractual rents to be received

As of June 30, 2022, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $966,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above.

From July 1 – December 31, 2022	$	35,498
For the year ending December 31,
2023		70,042
2024		61,917
2025		57,631
2026		53,345
2027		45,033
Thereafter		159,107
Total	$	482,573

Schedule of minimum future lease payments

As of June 30, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):

From July 1 – December 31, 2022	$	253
For the year ending December 31,
2023		507
2024		557
2025		626
2026		627
2027		629
Thereafter		5,591
Total undiscounted cash flows	$	8,790
Present value discount		(1,722)
Lease liability	$	7,068