In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract.

We have operating leases for certain cinemas, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 25 years, with certain leases having options to extend up to a further 20 years. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics.

The components of lease expense were as follows:


	Three Months Ended
	March 31,
(Dollars in thousands)	2025		2024
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	10	$	10
Interest on lease liabilities		1		1
Operating lease cost		6,834		7,801
Variable lease cost		(159)		511
Total lease cost	$	6,686	$	8,323

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	March 31,
(Dollars in thousands)	2025		2024
Cash flows relating to lease cost
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	11	$	11
Operating cash flows for operating leases		3,136		7,391
Right-of-use assets obtained in exchange for new operating lease liabilities		(768)		—

Supplemental balance sheet information related to leases is as follows:


	March 31,		December 31,
(Dollars in thousands)	2025		2024
Operating leases
Operating lease right-of-use assets	$	156,381	$	160,873
Operating lease liabilities - current portion		19,983		20,747
Operating lease liabilities - non-current portion		155,524		161,702
Total operating lease liabilities	$	175,507	$	182,449
Finance leases
Property plant and equipment, gross		218		217
Accumulated depreciation		(187)		(175)
Property plant and equipment, net	$	31	$	42
Other current liabilities		32		43
Other long-term liabilities		1		—
Total finance lease liabilities	$	33	$	43

Other information
Weighted-average remaining lease term - finance leases		1		1
Weighted-average remaining lease term - operating leases		11		11
Weighted-average discount rate - finance leases		7.07%		7.07%
Weighted-average discount rate - operating leases		4.87%		4.86%

The maturities of our leases were as follows:


(Dollars in thousands)	Operating ‎leases		Finance ‎leases
2025	$	28,095	$	34
2026		25,495		—
2027		23,624		—
2028		22,546		—
2029		20,839		—
Thereafter		106,093		—
Total lease payments	$	226,692	$	34
Less imputed interest		(51,185)		(1)
Total	$	175,507	$	33

We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset.

The book value of underlying assets under operating leases from owned assets was as follows: