Leasing Activity

9 Months Ended

Sep. 30, 2020

Leasing Activity [Abstract]

Leasing Activity

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5. Leasing activity

The Company leases space in its commercial real estate facilities to customers primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental income, excluding recovery of operating expenses that may be collectable under these leases, as of September 30, 2020 is as follows (in thousands):

Remainder of 2020	$	77,067
2021		275,894
2022		203,546
2023		143,242
2024		97,952
Thereafter		167,260
Total	$	964,961

In addition to minimum rental payments, certain customers reimburse the Company for their pro rata share of specified property operating expenses. Such reimbursements amounted to $24.4 million and $24.0 million for the three months ended September 30, 2020 and 2019, respectively, and $72.2 million and $73.0 million for the nine months ended September 30, 2020 and 2019, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income.

Leases accounting for 3.0% of total leased square footage are subject to termination options, and 1.7% of total leased square footage have termination options exercisable through December 31, 2020. In general, these leases provide for termination payments to us should the termination options be exercised. Certain leases also have an option to extend the term of the lease. The future minimum rental income in the above table assumes termination options and lease extension options are not exercised.