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Leases (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments under non-cancellable leases as of March 31, 2023 where we are the lessee include:

Maturity of Lease Liabilities (in millions)Operating LeasesFinance LeasesTotal
2023 (excluding three months ended March 31, 2023)
$10.2 $0.6 $10.8 
202413.7 4.6 18.3 
202513.2 0.5 13.7 
202611.6 0.5 12.1 
20279.7 0.5 10.2 
Thereafter240.6 20.3 260.9 
Total Lease Payments$299.0 $27.0 $326.0 
Less: Imputed interest(139.0)(12.8)(151.8)
Present Value of Lease Liabilities$160.0 $14.2 $174.2 
Finance Lease, Liability, Maturity
Future minimum lease payments under non-cancellable leases as of March 31, 2023 where we are the lessee include:

Maturity of Lease Liabilities (in millions)Operating LeasesFinance LeasesTotal
2023 (excluding three months ended March 31, 2023)
$10.2 $0.6 $10.8 
202413.7 4.6 18.3 
202513.2 0.5 13.7 
202611.6 0.5 12.1 
20279.7 0.5 10.2 
Thereafter240.6 20.3 260.9 
Total Lease Payments$299.0 $27.0 $326.0 
Less: Imputed interest(139.0)(12.8)(151.8)
Present Value of Lease Liabilities$160.0 $14.2 $174.2 
The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of March 31, 2023:
Maturity of Financial Liability (in millions)March 31, 2023
2023 (excluding three months ended March 31, 2023)
$5.9 
202411.3 
202511.6 
202611.7 
202711.8 
Thereafter1,623.0 
Total Payments$1,675.3 
Less: Imputed interest(1,337.8)
Present Value of Financial Liability$337.5 
Lease, Cost
Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):

Financial Statement ClassificationAs of
Description
March 31, 2023
December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortizationInvestment property, net$32.8 $32.2 
Operating lease, right-of-use asset, netOther assets, net$186.8 $189.4 
Below market operating leases, netOther assets, net$90.3 $90.9 
Lease Liabilities
Finance lease liabilitiesOther liabilities$14.2 $15.0 
Operating lease liabilitiesOther liabilities$160.0 $160.3 

Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):

Three Months Ended
DescriptionFinancial Statement ClassificationMarch 31, 2023March 31, 2022
Finance Lease Expense
Amortization of ROU assetsDepreciation and amortization$0.7 $— 
Interest on lease liabilitiesInterest expense0.2 0.1 
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		4.6 3.8 
Variable lease costProperty operating and maintenance1.6 1.6 
Short term lease costProperty operating and maintenance— — 
Total Lease Expense$7.1 $5.5 
Lease term, discount rates and additional information for finance and operating leases are as follows:


As of
March 31, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease36.23
Operating lease34.11
Weighted-average Discount Rate
Finance lease3.38 %
Operating lease3.80 %


Three Months Ended
March 31, 2023March 31, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases$3.3 $2.4 
Financing cash flow from finance leases5.9 0.1 
Total Cash Paid On Lease Liabilities$9.2 $2.5 
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):

Three Months Ended
DescriptionFinancial Statement ClassificationMarch 31, 2023March 31, 2022
Operating Leases
Fixed lease incomeIncome from real property; Brokerage commissions and other revenue, net$7.9 $7.1 
Variable lease income(1)
Income from real property; Brokerage commissions and other revenue, net$1.5 $0.7 
(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity uture minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of March 31, 2023:
Maturity of Lease Payments (in millions)Operating Leases
2023 (excluding the three months ended March 31, 2023)
$21.6 
202419.4 
202510.9 
20266.9 
20276.1 
Thereafter53.1 
Total Undiscounted Cash Flows$118.0