Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Lease Rental Income

The Company’s lease rental income for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,
	2020						2019
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	112,796	$	14,884	$	127,680	$	118,037	$	24,516	$	142,553
Interest income on net investment in finance leases		5,674		—		5,674		5,810		—		5,810
Interest income on container leaseback financing receivable		4,069		—		4,069		2,345		—		2,345
Variable lease revenue		6,109		1,242		7,351		4,247		1,288		5,535
Total lease rental income	$	128,648	$	16,126	$	144,774	$	130,439	$	25,804	$	156,243

	Six Months Ended June 30,
	2020						2019
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	228,599	$	29,397	$	257,996	$	236,908	$	49,586	$	286,494
Interest income on net investment in finance leases		10,958		—		10,958		8,807		—		8,807
Interest income on container leaseback financing receivable		8,075		—		8,075		2,345		—		2,345
Variable lease revenue		11,088		2,135		13,223		11,940		2,771		14,711
Total lease rental income	$	258,720	$	31,532	$	290,252	$	260,000	$	52,357	$	312,357

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 June 30, 2020:

	Owned		Managed		Total
Twelve months ending June 30:
2021	$	280,783	$	31,830	$	312,613
2022		214,473		16,199		230,672
2023		174,922		8,576		183,498
2024		126,793		6,699		133,492
2025 and thereafter		166,287		13,127		179,414
Total future minimum lease payments receivable	$	963,258	$	76,431	$	1,039,689

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 June 30, 2020 and December 31, 2019:

	June 30, 2020			December 31, 2019
Future minimum lease payments receivable	$	490,193		$	385,589
Residual value of containers		11,109			11,143
Less: unearned income		(143,610	)		(101,429	)
Net investment in finance leases (1)	$	357,692		$	295,303
Less: Allowance for credit losses		(1,182	)		—
Net investment in finance leases, net	$	356,510		$	295,303
Amounts due within one year	$	38,112		$	40,940
Amounts due beyond one year		318,398			254,363
Net investment in finance leases, net	$	356,510		$	295,303

(1) As of June 30, 2020, two major customers represented 58.9% and 13.1% 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 June 30, 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 June 30, 2020 and December 31, 2019 were as follows:

	June 30, 2020			December 31, 2019
Future minimum payments receivable	$	373,968		$	377,917
Less: unearned income		(102,610	)		(106,259	)
Container leaseback financing receivable (1)		271,358		$	271,658
Less: Allowance for credit losses		(562	)		—
Container leaseback financing receivable, net	$	270,796		$	271,658
Amounts due within one year		21,412			20,547
Amounts due beyond one year		249,384			251,111
Container leaseback financing receivable, net	$	270,796		$	271,658

(1) As of June 30, 2020, two customers represented 84.5% and 15.5% 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 June 30, 2020:

Twelve months ending June 30:	Net Investment in Finance Leases		Container Leaseback Financing Receivable		Total
2021	$	60,796	$	37,020	$	97,816
2022		67,212		37,020		104,232
2023		45,400		37,020		82,420
2024		39,757		37,122		76,879
2025 and thereafter		277,028		225,786		502,814
Total future minimum lease payments receivable	$	490,193	$	373,968	$	864,161

Schedule of Other Information Related to Operating Leases

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	524	$	511	$	1,051	$	1,043
Short-term and variable lease cost		33		7		64		15
Total rent expense	$	557	$	518	$	1,115	$	1,058
Cash paid for amounts included in the measurement of lease liabilities	$	521	$	514	$	1,144	$	1,048
	June 30, 2020		December 31, 2019
Weighted-average remaining lease term	5.1 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 June 30, 2020 were as follows:

	Operating Leases
Twelve months ending June 30:
2021	$	2,245
2022		2,065
2023		2,067
2024		2,129
2025 and thereafter		6,309
Total minimum lease payments		14,815
Less imputed interest		(1,944	)
Total present value of operating lease liabilities	$	12,871