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Leases (Tables)

9 Months Ended

Sep. 30, 2021

The Company’s lease rental income for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,
	2021						2020
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	149,751	$	12,793	$	162,544	$	115,774	$	14,362	$	130,136
Interest income on net investment in finance leases		23,854		—		23,854		7,881		—		7,881
Interest income on container leaseback financing receivable		5,304		—		5,304		4,188		—		4,188
Variable lease revenue		3,746		382		4,128		5,744		1,181		6,925
Total lease rental income	$	182,655	$	13,175	$	195,830	$	133,587	$	15,543	$	149,130

	Nine Months Ended September 30,
	2021						2020
	Owned		Managed		Total		Owned		Managed		Total
Lease rental income - operating leases	$	426,559	$	41,900	$	468,459	$	344,373	$	43,759	$	388,132
Interest income on net investment in finance leases		56,901		—		56,901		18,839		—		18,839
Interest income on container leaseback financing receivable		16,083		—		16,083		12,263		—		12,263
Variable lease revenue		9,983		1,082		11,065		16,832		3,316		20,148
Total lease rental income	$	509,526	$	42,982	$	552,508	$	392,307	$	47,075	$	439,382

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 September 30, 2021:

	Owned		Managed		Total
Twelve months ending September 30:
2022		436,644		28,674		465,318
2023		394,372		23,590		417,962
2024		332,789		20,757		353,546
2025		262,636		16,223		278,859
2026		186,481		11,764		198,245
2027 and thereafter		358,182		12,915		371,097
Total future minimum lease payments receivable	$	1,971,104	$	113,923	$	2,085,027

Schedule of Components of Net Investment in Finance Leases

The following table represents the components of the net investment in finance leases as of September 30, 2021 and December 31, 2020:

	September 30, 2021			December 31, 2020
Future minimum lease payments receivable	$	2,423,468		$	1,216,086
Residual value of containers		15,070			12,601
Less: unearned income		(735,587	)		(347,394	)
Net investment in finance leases (1)	$	1,702,951		$	881,293
Less: Allowance for credit losses		(696	)		(1,333	)
Net investment in finance leases, net	$	1,702,255		$	879,960
Amounts due within one year	$	110,397		$	78,459
Amounts due beyond one year		1,591,858			801,501
Net investment in finance leases, net	$	1,702,255		$	879,960

(1) One major customer represented 84.9% and 80.1% of the Company’s finance leases portfolio as of September 30, 2021 and December 31, 2020, respectively. No other customer represented more than 10% of the Company’s finance leases portfolio in each of those periods.

Schedule of Components of Container Leaseback Financing Receivable

The following table represents the components of the container leaseback financing receivable as of September 30, 2021 and December 31, 2020:

	September 30, 2021			December 31, 2020
Future minimum payments receivable	$	496,227		$	505,473
Less: unearned income		(134,432	)		(141,181	)
Container leaseback financing receivable (1)	$	361,795		$	364,292
Less: Allowance for credit losses		(122	)		(424	)
Container leaseback financing receivable, net	$	361,673		$	363,868
Amounts due within one year	$	29,865		$	27,076
Amounts due beyond one year		331,808			336,792
Container leaseback financing receivable, net	$	361,673		$	363,868

(1) One major customer represented 90.0% and 89.7% of the Company’s container leaseback financing receivable portfolio as of September 30, 2021 and December 31, 2020, respectively. As of December 31, 2020, one other customer represented 10.3% 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 lease payments receivable under the net investment in finance leases and container leaseback financing receivable as of September 30, 2021:

Twelve months ending September 30:	Net Investment in Finance Leases		Container Leaseback Financing Receivable		Total
2022		207,570		50,529		258,099
2023		193,474		50,529		244,003
2024		184,932		49,135		234,067
2025		183,022		39,232		222,254
2026		182,375		37,915		220,290
2027 and thereafter		1,472,095		268,887		1,740,982
Total future minimum lease payments receivable	$	2,423,468	$	496,227	$	2,919,695

Schedule of Other Information Related to Operating Leases

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

	Three Months Ended September 30,				Nine Months Ended September 30
	2021		2020		2021		2020
Operating lease cost	$	525	$	527	$	1,578	$	1,577
Short-term and variable lease cost		38		31		112		95
Total rent expense	$	563	$	558	$	1,690	$	1,672

Cash paid for amounts included in the measurement of lease liabilities	$	456	$	595	$	1,816	$	1,739

Minimum Lease Payment under Noncancelable Operating Leases

Future minimum lease payment obligations under the Company’s noncancelable operating leases at September 30, 2021 were as follows:

	Operating Leases
Twelve months ending September 30:
2022	$	2,247
2023		2,396
2024		2,433
2025		2,168
2026		2,164
2027 and thereafter		1,480
Total minimum lease payments		12,888
Less imputed interest		(1,399	)
Total present value of operating lease liabilities	$	11,489