Leases

9 Months Ended

Sep. 30, 2020

Lease expense

The Company has an operating lease, as lessee, and the Sutro Tunnel Company (a related party through the Company's 25% interest in Pelen, owner of the Sutro Tunnel Company) as lessor, for a property located adjacent to the Gold Hill Hotel, which is primarily used as a room rental. The lease runs from 2018 until 2028. The monthly rent is $750 with automatic annual increases of $25 per month every November, beginning in 2020. The operating lease is sub-leased to Crown Point Management LLC, the operators of the Gold Hill Hotel, and not separately valued within the Gold Hill Hotel lease.

For the three and nine months ended September 30, 2020, the fixed operating lease expense was $2,250 and $6,750, respectively, with 8.1 years remaining on the lease. For the three and nine months ended September 30, 2019, the fixed operating lease expense was $2,250 and $6,750, respectively, with 9.1 years remaining on the lease.

Supplemental information related to the Company's operating lease follows for the nine months ended:


	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	6,750	$	6,750

The Company has the following lease balances recorded in the condensed consolidated balance sheets as follows:


Lease Assets and Liabilities	Classification	September 30, 2020		December 31, 2019
Operating lease right-of-use asset	Other assets	$	52,334	$	45,485

Operating lease liability - current	Accrued expenses and other liabilities	$	3,477	$	9,000
Operating lease liability - long-term	Other liabilities	50,779		36,668
Total operating lease liabilities		$	54,256	$	45,668

Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:


Remainder of 2020	$	2,300
2021	9,350
2022	9,650
2023	9,950
2024	10,250
Thereafter	42,050
Total operating lease payments	83,550
Less: Imputed interest	29,294
Present value of lease liabilities	$	54,256

Lease Income

Real estate revenue from operating leases on our land and buildings leased to others (Note 6) for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Daney Ranch	$	16,000	$	3,300	$	21,000	$	6,600
Gold Hill Hotel	13,500		24,000		61,500		72,000
Lab and office space	5,000		7,500		20,000		15,000
Land	4,500		4,500		13,500		13,500
All other residential	10,425		9,050		30,225		23,032
Total real estate revenue from operating leases	$	49,425	$	48,350	$	146,225	$	130,132

On September 1, 2020, the Company entered into an agreement to lease the Daney Ranch for $9,000 per month, with lease payments applicable to the purchase price through an option to purchase the property for $2.7 million, if closed by September 1, 2022 (Note 2).