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Leases | 12 Months Ended
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Dec. 31, 2019
Leases, Operating [Abstract] |
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:
(amounts in thousands) |  | As of December 31, 2019
2020 |  | $ | 77,031 |
2021 |  | 77,457 |
2022 |  | 47,978 |
2023 |  | 20,001 |
2024 |  | 20,024 |
Thereafter |  | 78,836 |
Total |  | $ | 321,327 |
Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2026. For the years ended December 31, 2019, 2018 and 2017, total operating lease payments were $9.3 million, $8.3 million and $8.0 million, respectively. The following table presents the operating lease payments for the year ended December 31, 2019, 2018 and 2017:
|  | Years Ended December 31,
(amounts in thousands) |  | 2019 |  | 2018 |  | 2017
Fixed lease cost: |  |  |  |  |  |
Ground leases |  | $ | 5,727 |  |  | $ | 5,537 |  |  | $ | 5,248 |
Office and other leases |  | 2,869 |  |  | 2,114 |  |  | 2,135 |
Variable lease cost: |  |  |  |  |  |
Ground leases |  | 639 |  |  | 599 |  |  | 562 |
Office and other leases |  | 72 |  |  | 39 |  |  | 10 |
Total lease cost |  | $ | 9,307 |  |  | $ | 8,289 |  |  | $ | 7,955 |
The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2019:
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total
2020 |  | $ | 1,949 |  |  | $ | 3,095 |  |  | $ | 5,044 |
2021 |  | 1,949 |  |  | 2,469 |  |  | 4,418 |
2022 |  | 1,479 |  |  | 782 |  |  | 2,261 |
2023 |  | 534 |  |  | 552 |  |  | 1,086 |
2024 |  | 534 |  |  | 368 |  |  | 902 |
Thereafter |  | 4,984 |  |  | 432 |  |  | 5,416 |
Total undiscounted rental payments |  | 11,429 |  |  | 7,698 |  |  | 19,127 |
Less imputed interest |  | (2,399 | ) |  | (569 | ) |  | (2,968 | )
Total lease liabilities |  | $ | 9,030 |  |  | $ | 7,129 |  |  | $ | 16,159 |
ROU assets and lease liabilities from our operating leases included within other assets, net and accounts payable and other liabilities on the Consolidated Balance Sheets were $15.1 million and $16.2 million, respectively, as of December 31, 2019. The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019.
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:
(amounts in thousands) |  | As of December 31, 2019
2020 |  | $ | 77,031 |
2021 |  | 77,457 |
2022 |  | 47,978 |
2023 |  | 20,001 |
2024 |  | 20,024 |
Thereafter |  | 78,836 |
Total |  | $ | 321,327 |
Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2026. For the years ended December 31, 2019, 2018 and 2017, total operating lease payments were $9.3 million, $8.3 million and $8.0 million, respectively. The following table presents the operating lease payments for the year ended December 31, 2019, 2018 and 2017:
|  | Years Ended December 31,
(amounts in thousands) |  | 2019 |  | 2018 |  | 2017
Fixed lease cost: |  |  |  |  |  |
Ground leases |  | $ | 5,727 |  |  | $ | 5,537 |  |  | $ | 5,248 |
Office and other leases |  | 2,869 |  |  | 2,114 |  |  | 2,135 |
Variable lease cost: |  |  |  |  |  |
Ground leases |  | 639 |  |  | 599 |  |  | 562 |
Office and other leases |  | 72 |  |  | 39 |  |  | 10 |
Total lease cost |  | $ | 9,307 |  |  | $ | 8,289 |  |  | $ | 7,955 |
The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2019:
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total
2020 |  | $ | 1,949 |  |  | $ | 3,095 |  |  | $ | 5,044 |
2021 |  | 1,949 |  |  | 2,469 |  |  | 4,418 |
2022 |  | 1,479 |  |  | 782 |  |  | 2,261 |
2023 |  | 534 |  |  | 552 |  |  | 1,086 |
2024 |  | 534 |  |  | 368 |  |  | 902 |
Thereafter |  | 4,984 |  |  | 432 |  |  | 5,416 |
Total undiscounted rental payments |  | 11,429 |  |  | 7,698 |  |  | 19,127 |
Less imputed interest |  | (2,399 | ) |  | (569 | ) |  | (2,968 | )
Total lease liabilities |  | $ | 9,030 |  |  | $ | 7,129 |  |  | $ | 16,159 |
ROU assets and lease liabilities from our operating leases included within other assets, net and accounts payable and other liabilities on the Consolidated Balance Sheets were $15.1 million and $16.2 million, respectively, as of December 31, 2019. The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019.

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