The Company’s lease rental income for the years ended December 31, 2020 and 2019 were as follows:

	2020						2019
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	469,109	$	58,175	$	527,284	$	470,722	$	96,227	$	566,949
Interest income on net investment in finance leases		30,121		—		30,121		15,356		—		15,356
Interest income on container leaseback financing receivable		17,243		—		17,243		10,313		—		10,313
Variable lease revenue		21,952		4,273		26,225		21,468		5,674		27,142
Total lease rental income	$	538,425	$	62,448	$	600,873	$	517,859	$	101,901	$	619,760

Variable lease revenue includes other charges set forth in the leases, such as handling fees, pick-up and drop-off charges and charges for damage protection plan.

For finance leases, the net selling loss recognized at lease commencement, representing the difference between the estimated fair value of containers placed on these leases and their net book value, in the amount of $144 and $1,027 for the years ended December 31, 2020 and 2019, respectively, are included in “gain on sale of owned fleet containers, net” in the consolidated statements of operations.

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 December 31, 2020:

	Owned		Managed		Total
Year ending December 31:
2021		361,495		32,769		394,264
2022		302,704		19,173		321,877
2023		258,275		16,081		274,356
2024		198,781		12,119		210,900
2025 and thereafter		314,207		19,380		333,587
Total future minimum lease payments receivable	$	1,435,462	$	99,522	$	1,534,984

The Company’s container leaseback financing receivable pertains to containers purchased that were leased back to the seller-lessees through a sales-type leaseback arrangement. Under the provisions of Topic 842, these transactions from an accounting perspective are accounted for as financing transactions.

The following table represents the components of the container leaseback financing receivable as of December 31, 2020 and 2019:

	2020			2019
Future minimum payments receivable	$	505,473		$	377,917
Less: unearned income		(141,181	)		(106,259	)
Container leaseback financing receivable (1)		364,292		$	271,658
Less: Allowance for credit losses		(424	)		—
Container leaseback financing receivable, net	$	363,868		$	271,658
Amounts due within one year		27,076			20,547
Amounts due beyond one year		336,792			251,111
Container leaseback financing receivable, net	$	363,868		$	271,658

(1) As of December 31, 2020, two customers represented 89.7% and 10.3% 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.

The following table represents the components of the net investment in finance leases as of December 31, 2020 and 2019:

	2020			2019
Future minimum lease payments receivable	$	1,216,086		$	385,589
Residual value of containers		12,601			11,143
Less: unearned income		(347,394	)		(101,429	)
Net investment in finance leases (1)	$	881,293		$	295,303
Less: Allowance for credit losses		(1,333	)		—
Net investment in finance leases, net	$	879,960		$	295,303
Amounts due within one year	$	78,459		$	40,940
Amounts due beyond one year		801,501			254,363
Net investment in finance leases, net	$	879,960		$	295,303

(1) As of December 31, 2020, two major customers represented 80.1% and 8.6% of the Company’s finance lease portfolio. As of December 31, 2019, two major customers represented 44.3% and 16.1% of the Company’s finance lease portfolio. No other customer represented more than 10% of the Company’s finance leases portfolio as of December 31, 2020 and 2019.

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

Year ending December 31:	Container Leaseback Financing Receivable		Net Investment in Finance Leases		Total
2021	$	47,819	$	126,661	$	174,480
2022		47,819		109,333		157,152
2023		47,819		103,757		151,576
2024		43,723		97,527		141,250
2025 and thereafter		318,293		778,808		1,097,101
Total future minimum lease payments receivable	$	505,473	$	1,216,086	$	1,721,559

Right-of-use (“ROU”) lease assets and lease liability are recognized for the Company’s office space leases at the commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company does not recognize a related ROU asset and lease liability for short-term leases having a lease term of twelve months or less.

As of December 31, 2020 and 2019, operating leases included in ROU lease assets amounted to $10,331 and $11,276, respectively, which were reported in “other assets” in the consolidated balance sheets. As of December 31, 2020 and 2019, total lease liabilities amounted to $12,636 and $13,736, respectively, of which amounts due within one year of $1,779 and $1,706, respectively, were reported in “other liabilities – current.” Long-term lease obligations that are due beyond one year of $10,857 and $12,030, respectively, were reported in “other liabilities – non-current” in the consolidated balance sheets.

Operating lease expense is recognized on a straight-line basis over the lease term and is reported in “general and administrative expense” in the consolidated statements of operations. Rent expense amounted to $2,231, $2,233 and $2,049 during 2020, 2019 and 2018, respectively. Other information related to the Company's operating leases are as follows:

	2020		2019
Operating lease cost	$	2,103	$	2,095
Short-term and variable lease cost		128		138
Total rent expense	$	2,231	$	2,233

Cash paid for amounts included in the measurement of lease liabilities	$	2,221	$	2,098

	2020		2019
Weighted-average remaining lease term	4.8 years		5.4 years
Weighted-average discount rate	4.6%		4.2%

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

	Operating leasing
Year ending December 31:
2021		2,273
2022		2,253
2023		2,328
2024		2,305
2025 and thereafter		5,236
Total minimum lease payments		14,395
Less imputed interest		(1,759	)
Total present value of operating lease liabilities	$	12,636