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LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Summary of lease cost

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2023			2022			2021
​	(in thousands)
Finance lease cost:	​	​	​	​	​	​	​	​	​
Amortization of finance lease right-of-use assets	​	$	964	​	$	964	​	$	964
Interest expense related to finance lease liabilities	​	​	2,138	​	​	2,140	​	​	2,139
Operating lease cost	​	​	3,064	​	​	2,980	​	​	3,278
Short-term lease cost (1)	​		1,375	​	​	868	​	​	1,173
Total lease costs	​	$	7,541	​	$	6,952	​	$	7,554
​	​	​	​	​	​	​	​	​	​
Cash paid for amounts included in measurement of lease liabilities:	​	​	​	​	​	​	​	​	​
Operating cash outflows for finance leases	​	$	2,183	​	$	2,183	​	$	1,938
Operating cash outflows for operating leases	​	​	2,601	​	​	2,453	​	​	2,513
Total cash outflows for lease liability measurement	​	$	4,784	​	$	4,636	​	$	4,451

​

(1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.

Schedule of balance sheet information associated with operating leases

​

​	​	​	​	​	​	​	​
​	​	December 31,					​
​		2023		​	2022		​
​	​	(dollars in thousands)					​
Finance Leases	​	​	​	​	​	​	​
Right-of-use assets included in Storage properties, net	​	$	41,945	​	$	41,945	​
Lease liabilities included in Lease liabilities - finance leases	​	$	65,714	​	$	65,758	​
​	​	​	​	​	​	​	​
Operating Leases	​	​	​	​	​	​	​
Right-of-use assets included in Other assets, net	​	$	50,476	​	$	49,491	​
Lease liabilities included in Accounts payable, accrued expenses and other liabilities	​	$	50,324	​	$	48,664	​
​	​	​	​	​	​	​	​
Weighted Average Lease Term (in years)	​	​	​	​	​	​	​
Finance leases	​	​	40.5	​	​	41.5	​
Operating leases	​	​	32.0	​	​	33.3	​
​	​	​	​	​	​	​	​
Weighted Average Discount Rate	​	​	​	​	​	​	​
Finance leases	​	​	3.25	%	​	3.25	%
Operating leases	​	​	4.52	%	​	4.44	%

Schedule of future operating lease liability maturities

The following table represents the future lease liability maturities as of December 31, 2023 (in thousands):

​

​	​	​	​	​	​	​
​	​	Finance		​	Operating
2024		$	2,183		$	2,536
2025	​		2,224	​		2,524
2026	​		2,334	​		2,587
2027	​		2,371	​		2,618
2028	​		2,371	​		2,649
2029 and thereafter	​		115,855	​		86,718
Total lease payments	​		127,338	​		99,632
Less: Imputed interest	​	​	(61,624)	​	​	(49,308)
Present value of lease liabilities	​	$	65,714	​	$	50,324
​	​	​	​	​	​	​

X

- Definition

Tabular disclosure of lessee's right-of-use assets and lease liabilities and other supplemental balance sheet information.

+ References

No definition available.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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