We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining noncancellable lease terms of one to ten years, with renewal options for additional periods ranging up to twelve years.

The right of use assets and lease liabilities associated with our operating leases as of October 31, 2021, November 1, 2020, and May 2, 2021, are as follows:


(dollars in thousands)	October 31, 2021		November 1, 2020		May 2, 2021
Right of use assets	$	13,649	$	6,165	$	11,730
Operating lease liability - current		2,878		2,316		2,736
Operating lease liability – noncurrent		7,914		4,008		6,821

	Six Months Ended		Six Months Ended
(dollars in thousands)	October 31, 2021		November 1, 2020
Operating lease liability payments	$	1,436	$	1,232
Right of use assets exchanged for lease liabilities		2,614		3,618

Operating lease expense for the three-month periods ended October 31, 2021, and November 1, 2020, was $905,000 and $696,000, respectively. Operating lease expense for the six-month periods ended October 31, 2021, and November 1, 2020, was $1.8 million and $1.4 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and six-month periods ended October 31, 2021, and November 1, 2020.

Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2022	$	1,449
2023		2,991
2024		2,689
2025		1,753
2026		493
Thereafter		1,868
	$	11,243
Less: interest		(451	)
Present value of lease liabilities	$	10,792

As of October 31, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	October 31, 2021
Weighted average lease term	4.9 years
Weighted average discount rate		1.92	%

As of November 1, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

	November 1, 2020
Weighted average lease term	3.3 years
Weighted average discount rate		2.51	%

Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti. This facility will be dedicated to the production of cut and sewn upholstery kits and is expected to be operational during the third quarter of fiscal 2022. The lease agreement has an initial non-cancelable lease term of eight years, which will commence after the construction of the facility has been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.8 million and will be paid in advance of commencement of the lease. Of the $2.8 million rent payments, $1.4 million was paid during April 2021, $558,000 was paid during July 2021, $418,500 was paid during August 2021, and the remaining $418,500 is expected to be paid during the third quarter of fiscal 2022 within 30 days after commencement of the lease as defined in the agreement. As of October 31, 2021, $2.4 million was paid in advance of the commencement of the lease and was classified as other assets in the accompanying Consolidated Balance Sheets.

The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year periods by written communication as defined in the lease agreement.

Effective May 7, 2021, we entered into an agreement to lease showroom and office space encompassing 21,000 square feet located in downtown High Point, NC. This facility will be used to advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet with new and existing customers. The lease agreement commenced during the second quarter of fiscal 2022, has an initial non-cancelable lease term of ten years, and requires lease payments totaling $2.2 million to be paid in monthly installments beginning November 1, 2021.

In addition to the required lease payments, we invested $995,000 in certain leasehold improvements that were determined to be lessor owned assets in accordance with ASC Topic 842, Leases and therefore, are classified as a right of use asset in the accompanying Consolidated Balance Sheets.

The initial noncancellable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement.