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Leases and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2012

Capital Lease Obligations

Capital Lease Obligations

		December 31, 2012 $				December  31, 2011 $
RasGas II LNG Carriers			472,085				471,397
Suezmax Tankers			165,489				175,650
Total			637,574				647,047
Less current portion			70,272				47,203
Total			567,302				599,844

Commitment Under Capital Leases of RasGas II LNG Carriers and Suezmax Tankers

As at December 31, 2012, the commitments under these capital leases approximated $977.1 million, including imputed interest of $505.0 million, repayable as follows:

Year		Commitment
2013		$	24,000
2014		$	24,000
2015		$	24,000
2016		$	24,000
2017		$	24,000
Thereafter		$	857,128

As at December 31, 2012, the remaining commitments under these capital leases, including the purchase obligations, approximated $190.5 million, including imputed interest of $25.0 million, repayable during 2013 through 2018.

Year		Commitment
2013		$	80,791
2014		$	36,000
2015		$	7,790
2016		$	7,672
2017		$	30,953
Thereafter		$	27,296

Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts

As at December 31, 2012, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows:

Year		Head Lease Receipts(1)				Sublease Payments(1)(2)
2013		$	28,843			$	24,779
2014		$	28,828			$	24,779
2015		$	22,188			$	24,779
2016		$	21,242			$	24,779
2017		$	21,242			$	24,779
Thereafter		$	239,063			$	278,884
Total		$	361,406			$	402,779

⁽¹⁾  The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2012, the Partnership had received $149.0 million of aggregate Head Lease receipts and had paid $90.6 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2012, $39.1 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Partnership’s consolidated balance sheets.

⁽²⁾  The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law.

Net Investments in Direct Financing Leases

following table lists the components of the net investments in direct financing leases:

		December  31, 2012 $				December  31, 2011 $
Total minimum lease payments to be received			623,739				662,912
Estimated unguaranteed residual value of leased properties			194,965				194,965
Initial direct costs			523				554
Less unearned revenue			(415,841	)			(448,890	)
Total			403,386				409,541
Less current portion			6,656				6,074
Total			396,730				403,467

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