Related Parties

6 Months Ended

Jun. 30, 2021

Related party balances included in the Company’s condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, consisted of the following:


(in thousands)	Financial Statement Line Item	June 30, 2021		December 31, 2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	19	$	30
Amounts due to affiliates	Accrued expenses	(476)		(461)
Total related party liabilities, net		$	(457)	$	(431)

Related party transactions included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, respectively, consisted of the following:


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statement Line Item	2021		2020		2021		2020
Leasing revenue from related parties	Leasing revenue	$	59	$	294	$	165	$	827
Consulting expense to related party	Selling, general & administrative expense	(248)		(2,158)		(2,149)		(2,996)
Total related party expense, net		$	(189)	$	(1,864)	$	(1,984)	$	(2,169)

On June 30, 2020, the Company completed the Sapphire Exchange, whereby Sapphire Holdings, an affiliate of TDR Capital, exchanged shares of Class B Common Stock for 10,641,182 shares of Class A Common Stock. As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock were automatically canceled for no consideration and the existing exchange agreement was automatically terminated.

On August 22, 2018, WillScot’s principal stockholder, Sapphire Holdings, entered into a margin loan (the "Margin Loan") under which all of its shares of WillScot Mobile Mini Common Stock were pledged to secure borrowings of up to $125.0 million under the loan agreement. WillScot Mobile Mini was not a party to the loan agreement and had no obligations thereunder. On June 29, 2021, Sapphire Holdings repaid all outstanding amounts under the Margin Loan with proceeds from the sale of certain shares of WillScot Mobile Mini and no WillScot Mobile Mini shares remain pledged thereunder.

On March 1, 2021, the Company repurchased from Sapphire Holdings and cancelled 2,750,000 shares of its Common Stock. On June 29, 2021, the Company repurchased from Sapphire Holdings and cancelled an additional 3,900,000 shares of its Common Stock. Following the reduction in Sapphire Holdings’ beneficial ownership of Common Stock resulting from the foregoing repurchases and the underwritten secondary offering by Sapphire Holdings of 16,100,000 shares of Common Stock on June 25, 2021, Gary Lindsay resigned his position as a member of the WillScot Mobile Mini board of directors pursuant to the terms of the shareholders agreement dated as of July 1, 2020 between Sapphire Holdings, TDR Capital II Holdings L.P., TDR Capital, L.L.P. and WillScot Mobile Mini. As of June 30, 2021, Sapphire Holdings owns approximately 10.3% of the Company's Common Stock.

The Company purchased rental equipment from related party affiliates of $0.7 million and $1.4 million for the three months ended June 30, 2021 and 2020, respectively. The Company purchased rental equipment from related party affiliates of $2.5 million and $1.6 million for the six months ended June 30, 2021 and 2020, respectively.