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LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE | 3 Months Ended
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Mar. 31, 2021
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE |
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE | NOTE H — LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE Aircraft and engines held for operating leases, net, as of March 31, 2021 and December 31, 2020 consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Aircraft and engines held for operating leases | ​ | $ | 221,456 | ​ | $ | 228,942
Less accumulated depreciation | ​ |  | (139,124) | ​ |  | (142,098)
​ | ​ | $ | 82,332 | ​ | $ | 86,844
​ Total depreciation expense amounted to $2.5 million and $7.1 million for the three months ended March 31, 2021 and 2020, respectively, and is included in cost of leasing in the condensed consolidated statements of operations. Supplemental rents recognized as revenue totaled $1.1 million and $5.5 million for the three months ended March 31, 2021 and 2020, respectively. The Company’s current operating lease agreements for flight equipment on lease expire over the next month to three years. The amounts in the following table are based upon the assumption that flight equipment under operating leases will remain on lease for the length of time specified by the respective lease agreements. Minimum future annual lease rentals contracted to be received under existing operating leases of flight equipment at were as follows (in thousands): ​
​ | ​ | ​ | ​
Year ending December 31: |  | ​ | ​
Remainder of 2021 | ​ | $ | 12,741
2022 | ​ |  | 10,021
2023 | ​ |  | 2,231
Total minimum lease payments | ​ | $ | 24,993
​

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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