Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease Balances
As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2021December 31, 2020
Assets
Operating lease right-of-use assets$80,462 $81,260 
Liabilities
Operating lease liabilities$60,937 $60,917 
Lease Cost and Other Information
We incurred the following lease costs related to our operating leases (in thousands):
Year Ended December 31,
Classification 202120202019
Operating lease cost (1)
Hotel operating expenses - other$5,349 $4,373 $5,834 
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(1) For the years ended December 31, 2021, 2020 and 2019, operating lease cost includes approximately $954,000, $(305,000) and $1.4 million, respectively, of variable lease cost associated with the ground leases, with the credit in 2020 primarily caused by the ground lease percentage rent true-up for fiscal year 2019-2020 at Hilton La Jolla Torrey Pines. Additionally, we recorded $512,000, $834,000 and $651,000, respectively, of amortization costs related to the intangible assets that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31,
202120202019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$3,302 $3,261 $3,223 
Weighted Average Remaining Lease Term
Operating leases (1)
45 years47 years47 years
Weighted Average Discount Rate
Operating leases (1)
4.98 %4.98 %4.98 %
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(1) Calculated using the lease term, excluding extension options, and discount rates of the ground leases.
Maturities of Operating Lease Liabilities
Future minimum lease payments due under non-cancellable leases as of December 31, 2021 were as follows (in thousands):
Operating Leases
2022$3,338 
20233,333 
20243,302 
20253,294 
20263,308 
Thereafter143,692 
Total future minimum lease payments (1)
160,267 
Less: interest(99,330)
Present value of operating lease liabilities$60,937 
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(1) Based on payment amounts as of December 31, 2021.