Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Lease Rental Income

The Company’s lease rental income for the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31,
	2020						2019
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	115,803	$	14,514	$	130,317	$	118,283	$	25,070	$	143,353
Interest income on net investment in finance leases		5,284		—		5,284		2,997		—		2,997
Interest income on container leaseback financing receivable		4,006		—		4,006		—		—		—
Variable lease revenue		4,979		892		5,871		7,693		1,483		9,176
Total lease rental income	$	130,072	$	15,406	$	145,478	$	128,973	$	26,553	$	155,526

Schedule Future Minimum Lease Payments Receivable

Operating Leases

The following is a schedule, by year, of future minimum lease payments receivable under the long-term leases for the owned and managed container fleet as of March 31, 2020:

	Owned		Managed		Total
Twelve months ending March 31:
2021	$	301,863	$	35,638	$	337,501
2022		229,468		20,669		250,137
2023		183,212		10,418		193,630
2024		136,845		8,174		145,019
2025 and thereafter		173,359		13,549		186,908
Total future minimum lease payments receivable	$	1,024,747	$	88,448	$	1,113,195

Schedule of Components of Net Investment in Finance Leases

The following table represents the components of the net investment in finance leases, which are reported in the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Future minimum lease payments receivable	$	460,664		$	385,589
Residual value of containers		11,122			11,143
Less: unearned income		(133,086	)		(101,429	)
Net investment in finance leases (1)	$	338,700		$	295,303
Less: Allowance for credit losses		(987	)		—
Net investment in finance leases, net	$	337,713		$	295,303
Amounts due within one year	$	40,164		$	40,940
Amounts due beyond one year		297,549			254,363
Net investment in finance leases, net	$	337,713		$	295,303

(1) As of March 31, 2020, two major customers represented 54.0% and 14.0% of the Company’s finance leases portfolio. As of December 31, 2019, two major customers represented 44.3% and 16.1% of the Company’s finance leases portfolio. No other customer represented more than 10% of the Company’s finance leases portfolio as of March 31, 2020 and December 31, 2019.

Schedule of Components of Container Leaseback Financing Receivable

The components of the container leaseback financing receivable, which are reported in the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 were as follows:

	March 31, 2020			December 31, 2019
Future minimum payments receivable	$	368,869		$	377,917
Less: unearned income		(102,232	)		(106,259	)
Container leaseback financing receivable (1)		266,637		$	271,658
Less: Allowance for credit losses		(469	)		—
Container leaseback financing receivable, net	$	266,168		$	271,658
Amounts due within one year		20,661			20,547
Amounts due beyond one year		245,507			251,111
Container leaseback financing receivable, net	$	266,168		$	271,658

(1) As of March 31, 2020, two customers represented 83.4% and 16.6% of the Company’s container leaseback financing receivable portfolio. As of December 31, 2019, two customers represented 82.9% and 17.1% of the Company’s container leaseback financing receivable portfolio.

Summary of Future Minimum Payments Receivable Under Net Investment in Finance Leases and Container Leaseback Financing Receivable

The following is a schedule, by year, of future minimum payments receivable under the net investment in finance leases and container leaseback financing receivable as of March 31, 2020:

Twelve months ending March 31:	Net Investment in Finance Leases		Container Leaseback Financing Receivable		Total
2021	$	61,638	$	36,017	$	97,655
2022		72,151		36,017		108,168
2023		50,390		36,017		86,407
2024		43,788		36,116		78,290
2025 and thereafter		232,697		224,702		459,013
Total future minimum lease payments receivable	$	460,664	$	368,869	$	829,533

Schedule of Other Information Related to Operating Leases

Other information related to the Company's operating leases are as follows:

	Three Months Ended March 31,
	2020		2019
Operating lease cost	$	527	$	532
Short-term and variable lease cost		31		8
Total rent expense	$	558	$	540
Cash paid for amounts included in the measurement of lease liabilities	$	623	$	534
	March 31, 2020		December 31, 2019
Weighted-average remaining lease term	5.3 years		5.4 years
Weighted-average discount rate	4.76%		4.17%

Minimum Lease Payment under Noncancelable Operating Leases

Future minimum lease payment obligations under the Company’s noncancelable operating leases at March 31, 2020 were as follows:

	Operating Leases
Twelve months ending March 31:
2021	$	2,184
2022		2,133
2023		2,055
2024		2,119
2025 and thereafter		6,852
Total minimum lease payments		15,343
Less imputed interest		(2,087	)
Total present value of operating lease liabilities	$	13,256