Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Future Minimum Operating Lease Payments Receivable

Future lease payments under the non-cancelable operating leases, excluding any reimbursements, as of June 30, 2021 were as follows:

In thousands	OPERATING
2021	$	197,162
2022	364,748
2023	316,864
2024	249,638
2025	199,827
2026 and thereafter	553,214
	$	1,881,453

Future Minimum Operating Lease Payments

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of June 30, 2021 were as follows:

In thousands	OPERATING		FINANCING
2021	$	2,049	$	290
2022	4,932		783
2023	4,971		793
2024	5,027		815
2025	5,068		826
2026 and thereafter	303,574		87,983
Total undiscounted lease payments	325,621		91,490
Discount	(233,511)		(72,842)
Lease liabilities	$	92,110	$	18,648

Future Minimum Financing Lease Payments

The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of June 30, 2021 were as follows:

In thousands	OPERATING		FINANCING
2021	$	2,049	$	290
2022	4,932		783
2023	4,971		793
2024	5,027		815
2025	5,068		826
2026 and thereafter	303,574		87,983
Total undiscounted lease payments	325,621		91,490
Discount	(233,511)		(72,842)
Lease liabilities	$	92,110	$	18,648

Lease Cost

The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2021 and 2020:

	THREE MONTHS ENDED June 30,						SIX MONTHS ENDED June 30,
In thousands	2021			2020			2021		2020
Operating lease cost
Operating lease expense	$	1,182		$	1,175		$	2,360	$	2,349
Variable lease expense	972			804			1,868		1,604
Finance lease cost
Amortization of right-of-use assets	88			78			176		148
Interest on lease liabilities	247			240			493		477
Total lease expense	$	2,489		$	2,297		$	4,897	$	4,578
Other information
Operating cash flows outflows related to operating leases	$	2,587		$	1,416		$	4,431	$	3,972
Financing cash flows outflows related to financing leases	$	321		$	2,847		$	683	$	3,168
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	7,212		$	—	$	7,212
Weighted-average remaining lease term (excluding renewal options) - operating leases	48.1			49.1
Weighted-average remaining lease term (excluding renewal options) - finance leases	64.5			65.0
Weighted-average discount rate - operating leases	5.7		%	5.7		%
Weighted-average discount rate - finance leases	5.4		%	5.4		%