XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.21.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases | Leases Lessor 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 March 31, 2021
2021 |  | $ | 108,813 |
2022 |  | 148,245 |
2023 |  | 101,754 |
2024 |  | 43,715 |
2025 |  | 22,029 |
Thereafter |  | 74,456 |
Total |  | $ | 499,012 |
Lessee We lease land under non-cancelable operating leases at 14 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 2030. For the quarters ended March 31, 2021 and 2020, total operating lease payments were $2.5 million and $2.4 million, respectively. 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 March 31, 2021:
|  | As of March 31, 2021 |  |
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total |  |  |  |  |  |
2021 |  | $ | 1,649 |  |  | $ | 2,514 |  |  | $ | 4,163 |  |  |  |  |  |  |
2022 |  | 1,638 |  |  | 1,577 |  |  | 3,215 |  |  |  |  |  |  |
2023 |  | 626 |  |  | 1,286 |  |  | 1,912 |  |  |  |  |  |  |
2024 |  | 632 |  |  | 897 |  |  | 1,529 |  |  |  |  |  |  |
2025 |  | 637 |  |  | 766 |  |  | 1,403 |  |  |  |  |  |  |
Thereafter |  | 4,941 |  |  | 2,125 |  |  | 7,066 |  |  |  |  |  |  |
Total undiscounted rental payments |  | 10,123 |  |  | 9,165 |  |  | 19,288 |  |  |  |  |  |  |
Less imputed interest |  | (2,144) |  |  | (839) |  |  | (2,983) |  |  |  |  |  |  |
Total lease liabilities |  | $ | 7,979 |  |  | $ | 8,326 |  |  | $ | 16,305 |  |  |  |  |  |  |
Right-of-use ("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 $14.9 million and $16.3 million, respectively, as of March 31, 2021. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at March 31, 2021. 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 $15.7 million and $16.4 million, respectively, as of December 31, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at December 31, 2020.
Leases | Leases Lessor 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 March 31, 2021
2021 |  | $ | 108,813 |
2022 |  | 148,245 |
2023 |  | 101,754 |
2024 |  | 43,715 |
2025 |  | 22,029 |
Thereafter |  | 74,456 |
Total |  | $ | 499,012 |
Lessee We lease land under non-cancelable operating leases at 14 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 2030. For the quarters ended March 31, 2021 and 2020, total operating lease payments were $2.5 million and $2.4 million, respectively. 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 March 31, 2021:
|  | As of March 31, 2021 |  |
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total |  |  |  |  |  |
2021 |  | $ | 1,649 |  |  | $ | 2,514 |  |  | $ | 4,163 |  |  |  |  |  |  |
2022 |  | 1,638 |  |  | 1,577 |  |  | 3,215 |  |  |  |  |  |  |
2023 |  | 626 |  |  | 1,286 |  |  | 1,912 |  |  |  |  |  |  |
2024 |  | 632 |  |  | 897 |  |  | 1,529 |  |  |  |  |  |  |
2025 |  | 637 |  |  | 766 |  |  | 1,403 |  |  |  |  |  |  |
Thereafter |  | 4,941 |  |  | 2,125 |  |  | 7,066 |  |  |  |  |  |  |
Total undiscounted rental payments |  | 10,123 |  |  | 9,165 |  |  | 19,288 |  |  |  |  |  |  |
Less imputed interest |  | (2,144) |  |  | (839) |  |  | (2,983) |  |  |  |  |  |  |
Total lease liabilities |  | $ | 7,979 |  |  | $ | 8,326 |  |  | $ | 16,305 |  |  |  |  |  |  |
Right-of-use ("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 $14.9 million and $16.3 million, respectively, as of March 31, 2021. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at March 31, 2021. 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 $15.7 million and $16.4 million, respectively, as of December 31, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at December 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration