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ACCOUNTING FOR LEASES | 9 Months Ended
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Sep. 30, 2024
ACCOUNTING FOR LEASES |
ACCOUNTING FOR LEASES | NOTE 2. ACCOUNTING FOR LEASES ​ For operating leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Certain of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components from their related lease components. ​ As of September 30, 2024, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (each as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS), as well as certain billboard leases. ​ The weighted-average incremental borrowing rate of the leases presented in the lease liability as of September 30, 2024, was 4.34%. There were no new leases entered into in the third quarter of 2024. ​ The weighted-average remaining lease term of the leases presented in the lease liability as of September 30, 2024, was 16.65 years. ​ Cash paid related to the operating leases presented in the lease liability for each of the nine months ended September 30, 2024 and 2023, was $1.1 million.

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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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