(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 from continuing operations for the year ended December 31, 2019 (in thousands):


Lease revenue - operating leases	$	238,971
Interest income on finance leases		45,568
Other revenue		12,338
Interest income on financing receivable		1,976
Total lease revenue	$	298,853

For finance leases, the net selling loss recognized at lease commencement, representing the difference between the estimated fair value of rental equipment placed on lease and net book value, in the amount of $2.6 million for the year ended December 31, 2019 is included in “gain on sale of rental equipment” in the consolidated statement of income.

The following represents future minimum rents receivable under long-term non-cancelable operating leases of continuing operations as of December 31, 2019 (in thousands):


2020	$	163,334
2021		139,378
2022		113,994
2023		76,629
2024		48,541
2025 and thereafter		76,019
Total	$	617,895

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

Lessee

The Company has entered into various non-cancelable office space leases with original lease periods expiring between 2020 and 2025. As of December 31, 2019, operating lease ROU assets of $6.2 million were reported in other non-current assets in the consolidated balance sheets. As of December 31, 2019, total operating lease liabilities were $7.2 million, of which $2.4 million are due within one year and $4.7 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 income.

The following table summarizes the components of lease expense for the year ended December 31, 2019 (in thousands):

The weighted-average remaining term of the Company’s operating leases was 3.0 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 December 31, 2019.

Maturities of the Company’s operating lease liabilities, which do not include short-term leases, as of December 31, 2019 were as follows (in thousands):



2020	$	2,652
2021		2,600
2022		1,705
2023		462
2024		158
2025 and thereafter		16
Total lease payments		7,593
Less imputed interest		(430)
Total operating lease liabilities	$	7,163

Cash paid for operating leases was $2.4 million during the year ended December 31, 2019.

Operating lease cost

Short-term lease cost

Variable lease cost

Total lease cost