(9) Leases

Lessor

The Company leases its rental equipment on either short-term operating leases through master lease agreements, long-term non-cancelable operating leases, or finance leases. The following table summarizes the components of lease revenue (in thousands):


	Three months		Nine months
	ended		ended
	September 30,		September 30,
	2019		2019
Lease revenue - sales-type and direct finance leases
Profit at lease commencement	$	-	$	-
Interest income on lease receivable		11,112		33,436
		11,112		33,436
Lease revenue - operating leases		62,002		184,464
Other revenue		3,499		9,404
Interest income on financing receivable		687		1,281
Total lease revenue	$	77,300	$	228,585

The following represents future minimum rents receivable under long-term non-cancelable operating leases (in thousands):


	As of
	September 30,
	2019
2020	$	159,590
2021		138,980
2022		118,278
2023		84,772
2024		48,966
2025 and thereafter		85,945
Total	$	636,531


	As of
	December 31,
	2018
2019	$	158,252
2020		129,740
2021		112,111
2022		96,964
2023		66,864
2024 and thereafter		107,346
Total	$	671,277

See Note 6 for contractual maturities of the Company’s gross sales-type and finance lease receivables.

Lessee

The Company has entered into various non-cancelable office space leases with original lease periods expiring between 2019 and 2025. As of September 30, 2019, operating lease ROU assets of $6.8 million were reported in other non-current assets in the consolidated balance sheets. As of September 30, 2019, total operating lease liabilities were $7.7 million, of which $2.4 million are due within one year and $5.3 million are due beyond one year and were recorded in accrued expenses and other current liabilities and other non-current liabilities, respectively, in the consolidated balance sheets.

Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. Lease expense for lease payments is recognized on a straight-line basis over the lease term and is reported in administrative expenses in the consolidated statements of operations.

The following table summarizes the components of lease expense (in thousands):


	Three months		Nine months
	ended		ended
	September 30,		September 30,
	2019		2019
Operating lease cost	$	684	$	1,870
Short-term lease cost		19		50
Variable lease cost		112		269
Total lease cost	$	815	$	2,189

The weighted-average remaining term of the Company’s operating leases was 3.2 years and the weighted-average discount rate used to measure the present value of the Company’s operating lease liabilities was 3.7% as of September 30, 2019.

Maturities of the Company’s operating lease liabilities, which do not include short-term leases, as of September 30, 2019 were as follows (in thousands):



2020	$	2,628
2021		2,612
2022		2,219
2023		499
2024		216
2025 and thereafter		39
Total lease payments		8,213
Less imputed interest		(467)
Total operating lease liabilities	$	7,746

Cash paid for operating leases was $1.8 million during the nine months ended September 30, 2019.