ACCOUNTING FOR LEASES	9 Months Ended
Sep. 30, 2022
ACCOUNTING FOR LEASES
ACCOUNTING FOR LEASES	NOTE 2. ACCOUNTING FOR LEASES For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Certain of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components from their related lease components. As of September 30, 2022, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (each as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS), as well as certain billboard leases. Upon adoption of the new lease standard, incremental borrowing rates used for existing leases were established using the rates in effect as of the lease inception or modification date. The weighted-average incremental borrowing rate of the leases presented in the lease liability as of September 30, 2022, was 4.34%. There were no new leases entered into in the third quarter of 2022. The weighted-average remaining lease term of the leases presented in the lease liability as of September 30, 2022, was 20 years. Cash paid related to the operating leases presented in the lease liability for each of the nine months ended September 30, 2022 and 2021, was $1.0 million and $1.1 million respectively.

ACCOUNTING FOR LEASES

9 Months Ended

Sep. 30, 2022

NOTE 2. ACCOUNTING FOR LEASES

For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Certain of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components from their related lease components.

As of September 30, 2022, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (each as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS), as well as certain billboard leases.

Upon adoption of the new lease standard, incremental borrowing rates used for existing leases were established using the rates in effect as of the lease inception or modification date. The weighted-average incremental borrowing rate of the leases presented in the lease liability as of September 30, 2022, was 4.34%. There were no new leases entered into in the third quarter of 2022.

The weighted-average remaining lease term of the leases presented in the lease liability as of September 30, 2022, was 20 years.

Cash paid related to the operating leases presented in the lease liability for each of the nine months ended September 30, 2022 and 2021, was $1.0 million and $1.1 million respectively.