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Commitments and Contingent Liabilities | 3 Months Ended
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Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of March 31, 2021, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows. Operating Lease Commitments We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and (ii) offices in New Orleans, LA and New York, NY, which expire in 2021 and 2030, respectively. The discount rates for the leases was determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of March 31, 2021 under our operating leases was 15.2 years. Our Cascata ground lease has three 10-year extension options. The rent of such options would be the in-place rent at the time of renewal. Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:
| Three Months Ended March 31, |  |
(In thousands) | 2021 |  | 2020 |  |  |  |
Rent expense | $ | 499 |  |  | $ | 498 |  |  |  |  |
Contractual rent | $ | 470 |  |  | $ | 323 |  |  |  |  |
As of March 31, 2021, we have a $17.3 million right of use asset and corresponding lease liability recorded in Other assets and Other liabilities, respectively, on our Balance Sheet related to our operating lease commitments for which we are the lessee. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2021 are as follows:
(In thousands) |  | Lease Commitments
2021 (remaining) |  | $ | 1,381 |
2022 |  | 1,808 |
2023 |  | 1,827 |
2024 |  | 1,847 |
2025 |  | 1,908 |
2026 |  | 1,959 |
Thereafter |  | 17,117 |
Total minimum lease commitments |  | $ | 27,847 |
Discounting factor |  | 10,510 |
Lease liability |  | $ | 17,337 |
Finance Lease Commitments Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases, the cost of which is passed to our tenants through the Lease Agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. Further, we assessed the classification of the sub-lease to our tenant through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease, respectively. The following table details the balance and location in our Balance Sheet of the ground and use leases as of March 31, 2021 and December 31, 2020, which is primarily comprised of the HNO Ground Lease:
(In thousands) | March 31, 2021 |  | December 31, 2020 |  |  |  |
Others assets (sales-type sub-leases) | $ | 277,498 |  |  | $ | 277,482 |  |  |  |  |
Other liabilities (finance sub-lease liabilities) | $ | 284,190 |  |  | $ | 284,376 |  |  |  |  |
Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:
| Three Months Ended March 31, |  |
(In thousands) | 2021 |  | 2020 |  |  |  |
Rental income and expense | $ | 5,652 |  |  | $ | 139 |  |  |  |  |
Contractual rent | $ | 5,838 |  |  | $ | 154 |  |  |  |  |
The future minimum lease commitments relating to the ground and use leases at March 31, 2021 are as follows:
(In thousands) |  | Lease Commitments
2021 (remaining) |  | $ | 20,513 |
2022 |  | 26,350 |
2023 |  | 23,350 |
2024 |  | 23,350 |
2025 |  | 23,350 |
2026 |  | 23,350 |
Thereafter |  | 741,730 |
Total minimum lease commitments |  | $ | 881,993 |
Discounting factor |  | 597,803 |
Finance sub-lease liability |  | $ | 284,190 |
The discount rate for the ground and use leases was determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of March 31, 2021 under our finance leases was 37.5 years.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 + Details
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