Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Sales-type Leases

The table below represents the components of sales-type leases for the year ended December 31, 2020:

	SALES-TYPE LEASES
Dollars in thousands	2020
Profit recognized at commencement date	$	68,282	Gain on sales of real estate assets
Interest income	3,007		Rental income

Schedule of future minimum lease payments due to the Company under property operating agreements

Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2021 are as follows:

In thousands
2022	$	379,180
2023	323,863
2024	252,145
2025	199,630
2026	148,550
2027 and thereafter	347,962
	$	1,651,330

Schedule of future minimum operating lease payments

The Company’s future lease payments (primarily for its 68 non-prepaid ground leases) as of December 31, 2021 were as follows:

In thousands	OPERATING		FINANCING
2022	$	5,030	$	889
2023	5,071		901
2024	5,130		925
2025	5,174		942
2026	5,201		954
2027 and thereafter	306,963		97,813
Total undiscounted lease payments	332,569		102,424
Discount	(236,431)		(79,873)
Lease liabilities	$	96,138	$	22,551

Schedule of future minimum finance lease payments

The Company’s future lease payments (primarily for its 68 non-prepaid ground leases) as of December 31, 2021 were as follows:

In thousands	OPERATING		FINANCING
2022	$	5,030	$	889
2023	5,071		901
2024	5,130		925
2025	5,174		942
2026	5,201		954
2027 and thereafter	306,963		97,813
Total undiscounted lease payments	332,569		102,424
Discount	(236,431)		(79,873)
Lease liabilities	$	96,138	$	22,551

Schedule of lease cost

The following table provides details of the Company's total lease expense for the year ended December 31, 2021:

In thousands	YEAR ENDED Dec. 31, 2021			YEAR ENDED Dec. 31, 2020
Operating lease cost
Operating lease expense	$	4,765		$	4,710
Variable lease expense	3,929			3,556
Finance lease cost
Amortization of right-of-use assets	388			324
Interest on lease liabilities	1,032			969
Total lease expense	$	10,114		$	9,559
Other information
Operating cash flows outflows related to operating leases	$	7,706		$	6,912
Operating cash flows outflows related to financing leases	$	809
Financing cash flows outflows related to financing leases	$	9,182		$	3,417
Right-of-use assets obtained in exchange for new finance lease liabilities	$	3,827		$	7,212
Right-of-use assets obtained in exchange for new operating lease liabilities	$	8,298		$	1,976
Weighted-average remaining lease term (excluding renewal options) - operating leases	47.6			48.6
Weighted-average remaining lease term (excluding renewal options) -finance leases	62.1			64.5
Weighted-average discount rate - operating leases	5.6		%	5.7		%
Weighted-average discount rate - finance leases	5.3		%	5.4		%