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Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Company's Lease Income, Excluding Discontinued Operation
The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands):
 Year Ended December 31,
 202120202019
Fixed income from operating leases$1,087,683 $943,638 $853,545 
Variable income from operating leases290,701 238,470 215,957 
Interest income from direct financing leases8,702 9,720 16,666 
Schedule of Components of Net Investment in Dfls
Net investment in DFLs consists of the following (in thousands):
December 31,
 20212020
Present value of minimum lease payments receivable$1,220 $9,804 
Present value of estimated residual value44,706 44,706 
Less deferred selling profits(1,220)(9,804)
Net investment in direct financing leases$44,706 $44,706 
Schedule of Future Minimum Lease Payments Contractually Due Under Dfls
The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2021 (in thousands):
YearAmount
2022$1,220 
2023— 
2024— 
2025— 
2026— 
Thereafter— 
     Undiscounted minimum lease payments receivable1,220 
Less: imputed interest— 
     Present value of minimum lease payments receivable$1,220 
Schedule of Future Minimum Lease Payments Due Under Operating Leases
The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2021 (in thousands):
YearAmount
2022$1,057,467 
20231,041,053 
2024979,640 
2025892,348 
2026783,781 
Thereafter3,171,115 
$7,925,404 
Schedule of Tenant Purchase Options
Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):
Year
Annualized
Base Rent(1)
Number of
Properties
2022$15,059 8 
20231,191 1 
20246,835 3 
202512,564 16 
20262,662 2 
Thereafter19,426 6 
 $57,737 36 
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(1)Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest, and deferred revenues).
Schedule of Other Lease Information
The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands):
Year Ended December 31,
Lease Expense Information:202120202019
Total lease expense$14,442 $13,601 $11,852 

Weighted Average Lease Term and Discount Rate:December 31,
2021		December 31,
2020
Weighted average remaining lease term (years):
Operating leases(1)
5257
Weighted average discount rate:
Operating leases4.14 %4.26 %
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(1)The weighted average remaining lease term including the Company’s options to extend its operating leases is 68 years as of December 31, 2021.
Schedule of Future Minimum Lease Obligations, 842
The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2021 (in thousands):
YearAmount
2022$16,030 
202313,438 
202412,575 
202511,471 
202611,406 
Thereafter484,552 
Undiscounted minimum lease payments included in the lease liability549,472 
Less: imputed interest(344,925)
Present value of lease liability$204,547