Note 12 - Future Minimum Lease Payments

9 Months Ended

Sep. 30, 2018

Leases of Lessee Disclosure [Text Block]

NOTE

FUTURE MINIMUM LEASE PAYMENTS

In connection with the business acquisitions (See Note

), we acquired the leases for over

2,900

billboard locations. Some of the leases are non-cancelable operating leases having remaining terms ranging from month-to-month to

1,141

months. In many instances, we can cancel the lease with little or

penalty. Ground rents for the

three

months and

nine

months ended

September 30, 2018

were

$743,966

and

$1,594,713

respectively; and for the

three

months and

nine

months ended

September 30, 2017

were

$468,940

and

$1,106,864,

respectively. Contingent rents included in ground rents for the

three

months and

nine

months ended

September 30, 2018

were

$63,324

and

$180,009,

respectively; and for

three

months and

nine

months ended

September 30, 2017

were

$51,519

and

$71,753,

respectively.

We lease office space under leases expiring between

2018

and

2022.

Rent expense included in general and administrative expense for the

three

months and

nine

months ended

September 30, 2018

was

$178,177

and

$361,273,

respectively; and for the

three

months and

nine

months ended

September 30, 2017

was

$57,825

and

$153,088,

respectively.

Future minimum rents are as follows for the

twelve

months ending

September 30,

2019	$	3,984,380
2020		3,707,514
2021		3,390,129
2022		2,981,333
2023		2,845,180
Thereafter		16,592,614

Total	$	33,501,150

We accrue rent expense on certain leases with escalating rent payments that were acquired in connection with the Waitt acquisition in an amount such that the total rent expense under these leases will be recognized ratably over the lives of the leases. Accrued rent expense of

$1,316,000

as of

September 30, 2018,

is included in other long-term liabilities in the accompanying consolidated balance sheet.

liability was recorded as of

December 31, 2017.