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Leases (Tables)

12 Months Ended

Dec. 31, 2020


	Year Ended December 31,
	2020		2019
Lease revenue - operating leases	$	231,198	$	238,971
Interest income on finance leases		46,031		45,568
Other revenue		13,031		12,338
Interest income on financing receivable		3,753		1,976
Total lease revenue	$	294,013	$	298,853

Future Minimum Rents Receivable Under Long-Term Non-Cancelable Operating Leases


2021	$	175,205
2022		149,004
2023		110,298
2024		76,629
2025		57,727
2026 and thereafter		101,222
Total	$	670,085

Components Of Net Investment In Direct Finance Leases



	December 31,		December 31,
	2020		2019
Gross finance lease receivables (1)	$	909,727	$	804,880
Unearned income (2)		(280,116)		(238,164)
Net investment in finance leases		629,611		566,716
Allowance for credit losses		(46)		-
Net investment in finance leases, net of allowance for credit losses	$	629,565	$	566,716

(1)At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was $98.2 million and $74.3 million unguaranteed residual value at December 31, 2020 and 2019, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2020 and 2019.

(2)The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2020 and 2019.

(3)One major customer represented 75% and 65% of the Company’s finance lease portfolio as of December 31, 2020 and 2019, respectively. No other customer represented more than 10% of the Company’s finance lease portfolio in each of those periods.

Contractual Maturities Of Gross Finance Lease Receivables



2021	$	125,821
2022		123,704
2023		105,486
2024		78,563
2025		65,755
2026 and thereafter		410,398
	$	909,727

Summary Of Components Of Financing Receivable


	December 31,		December 31,
	2020		2019
Gross financing receivable	$	71,761	$	45,530
Unearned income		(13,320)		(11,111)
		58,441		34,419
Allowance for credit losses		(3)		-
Total financing receivable	$	58,438	$	34,419
Amounts due within one year (1)		9,550		3,726
Amounts due beyond one year (2)		48,888		30,693
Total financing receivable	$	58,438	$	34,419

(1)Included in prepaid expenses and other current assets in the consolidated balance sheets.

(2)Included in financing receivable in the consolidated balance sheets.

Finance Lease Receivables By Risk Categories


December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Net investment in finance leases
Tier 1	$	127,215	$	49,986	$	228,802	$	160,197	$	5,945	$	875	$	573,020
Tier 2		8,425		25,726		12,576		4,272		1,136		4,456		56,591
Tier 3		-		-		-		-		-		-		-
Total net investment in finance leases	$	135,640	$	75,712	$	241,378	$	164,469	$	7,081	$	5,331	$	629,611

Financing receivable
Tier 1	$	27,762	$	30,083	$	-	$	-	$	-	$	-	$	57,845
Tier 2		-		596		-		-		-		-		596
Tier 3		-		-		-		-		-		-		-
Total financing receivable	$	27,762	$	30,679	$	-	$	-	$	-	$	-	$	58,441

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	Net investment in		Financing
December 31, 2019	finance leases		receivable
Tier 1	$	502,265	$	33,694
Tier 2		64,451		725
Tier 3		-		-
	$	566,716	$	34,419

Components Of Lease Expense


	Year Ended December 31,
	2020		2019
Operating lease cost	$	2,140	$	2,141
Short-term lease cost		114		73
Variable lease cost		274		216
Total lease cost	$	2,528	$	2,430

Maturities Of Operating Lease Liabilities



2021	$	2,316
2022		1,467
2023		280
2024		150
2025		15
Total lease payments		4,228
Less imputed interest		(189)
Total operating lease liabilities	$	4,039