v3.21.2
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities

The Company has a commitment to fund a building expansion expected to be completed in 2022, totaling $17,388 as of September 30, 2021, in exchange for an increase in rent contractually scheduled to commence in August 2022.

Summary of Total Lease Costs Associated with Operating Leases

The following table summarizes the total lease costs associated with operating leases:

 

 

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

(in thousands)

 

Financial Statement Presentation

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office leases

 

General and administrative

 

$

158

 

 

$

155

 

 

$

473

 

 

$

362

 

Ground leases

 

Property and operating expense

 

 

39

 

 

 

33

 

 

 

106

 

 

 

100

 

Variable lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground leases

 

Property and operating expense

 

 

14

 

 

 

13

 

 

 

42

 

 

 

43

 

Total lease costs

 

 

 

$

211

 

 

$

201

 

 

$

621

 

 

$

505

 

Summary of Payments Associated with Obligations Under Operating Leases

The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows:

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease payments

 

$

191

 

 

$

179

 

 

$

618

 

 

$

490

 

Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities

Estimated future lease payments required under non-cancelable operating leases at September 30, 2021, and a reconciliation to the lease liabilities, is as follows:

 

(in thousands)

 

 

 

Remainder of 2021

 

$

186

 

2022

 

 

723

 

2023

 

 

539

 

2024

 

 

153

 

2025

 

 

155

 

Thereafter

 

 

3,777

 

Total undiscounted cash flows

 

 

5,533

 

Less imputed interest

 

 

(2,819

)

Lease liabilities

 

$

2,714