| Leases |
Note 12. Leases
As of March 31, 2023 and December 31, 2022, operating lease right of use assets were $21.8 million and $21.7 million, respectively, and operating lease liabilities were $22.3 million and $22.3 million, respectively.
The following table presents the components of the Company’s lease expense:
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
Operating lease cost |
|
$ |
903 |
|
$ |
622 |
Variable lease cost |
|
|
55 |
|
|
45 |
Operating lease expense |
|
$ |
958 |
|
$ |
667 |
The following table presents supplemental lease information:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
Operating cash outflows for operating leases |
|
$ |
874 |
|
|
$ |
— |
|
Right of use assets exchanged for new operating lease liabilities |
|
$ |
682 |
|
|
$ |
8,784 |
|
Weighted-average remaining lease term – operating leases |
|
|
8.2 |
|
|
|
6.9 |
|
Weighted-average discount rate – operating leases |
|
|
6.6 |
% |
|
|
6.5 |
% |
The following table represents our future minimum operating lease payments as of March 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
Ground lease |
|
Office and other leases |
|
Total |
Remainder of 2023 |
|
$ |
1,455 |
|
$ |
1,622 |
|
$ |
3,077 |
2024 |
|
|
1,998 |
|
|
1,661 |
|
|
3,659 |
2025 |
|
|
2,058 |
|
|
1,347 |
|
|
3,405 |
2026 |
|
|
2,119 |
|
|
1,273 |
|
|
3,392 |
2027 |
|
|
2,183 |
|
|
1,148 |
|
|
3,331 |
Thereafter |
|
|
9,618 |
|
|
3,227 |
|
|
12,845 |
Total undiscounted lease payments |
|
|
19,431 |
|
|
10,278 |
|
|
29,709 |
Less present value discount |
|
|
(5,720) |
|
|
(1,669) |
|
|
(7,389) |
Present value of lease liabilities |
|
$ |
13,711 |
|
$ |
8,609 |
|
$ |
22,320 |
|