Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

Lessor

The leases entered into between the customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands)	As of June 30, 2021
2021	$	77,190
2022	157,061
2023	110,501
2024	44,065
2025	22,166
Thereafter	66,634
Total	$	477,617

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2032. For the quarters ended June 30, 2021 and 2020, total operating lease payments were $2.6 million and $2.4 million, respectively. For the six months ended June 30, 2021 and 2020, total operating lease payments were $5.1 million and $4.8 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of June 30, 2021:

	As of June 30, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,153	$	2,023	$	3,176
2022	1,638		2,939		4,577
2023	626		2,682		3,308
2024	632		2,326		2,958
2025	637		2,024		2,661
Thereafter	4,941		10,958		15,899
Total undiscounted rental payments	9,627		22,952		32,579
Less imputed interest	(2,058)		(3,511)		(5,569)
Total lease liabilities	$	7,569	$	19,441	$	27,010

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.7 million and $27.0 million, respectively, as of June 30, 2021. The weighted average remaining lease term for our operating leases was ten years and the weighted average incremental borrowing rate was 3.8% at June 30, 2021.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.7 million and $16.4 million, respectively, as of December 31, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at December 31, 2020.

Leases

Leases

Lessor

The leases entered into between the customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands)	As of June 30, 2021
2021	$	77,190
2022	157,061
2023	110,501
2024	44,065
2025	22,166
Thereafter	66,634
Total	$	477,617

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2032. For the quarters ended June 30, 2021 and 2020, total operating lease payments were $2.6 million and $2.4 million, respectively. For the six months ended June 30, 2021 and 2020, total operating lease payments were $5.1 million and $4.8 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of June 30, 2021:

	As of June 30, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,153	$	2,023	$	3,176
2022	1,638		2,939		4,577
2023	626		2,682		3,308
2024	632		2,326		2,958
2025	637		2,024		2,661
Thereafter	4,941		10,958		15,899
Total undiscounted rental payments	9,627		22,952		32,579
Less imputed interest	(2,058)		(3,511)		(5,569)
Total lease liabilities	$	7,569	$	19,441	$	27,010

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.7 million and $27.0 million, respectively, as of June 30, 2021. The weighted average remaining lease term for our operating leases was ten years and the weighted average incremental borrowing rate was 3.8% at June 30, 2021.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.7 million and $16.4 million, respectively, as of December 31, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at December 31, 2020.