Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2026.

Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2021 (Excluding six months ended June 30, 2021)	$	3,905	$	154	$	4,059
2022	6,704		214		6,918
2023	6,733		197		6,930
2024	7,102		4,070		11,172
2025	7,093		—		7,093
Thereafter	98,166		—		98,166
Total Lease Payments	$	129,703	$	4,635	$	134,338
Less: Imputed interest	(51,962)		(309)		(52,271)
Present Value of Lease Liabilities	$	77,741	$	4,326	$	82,067

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

Description	Financial Statement Classification	As of June 30, 2021		As of December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,391	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	88,244	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	27,238	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,326	$	4,334
Operating lease liabilities	Other liabilities	$	77,741	$	49,964

Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands):

		Three Months Ended				Six Months Ended
Description	Financial Statement Classification	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	26	$	26	$	52	$	52
Operating lease cost	General and administrative expense, Property operating and maintenance	2,304		977		4,452		1,804
Variable lease cost	Property operating and maintenance	1,819		420		3,118		746
Short term lease cost	Property operating and maintenance	77		—		138		—
Total Lease Expense		$	4,226	$	1,423	$	7,760	$	2,602

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	June 30, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.97
Operating lease	26.50
Weighted-average Discount Rate
Finance lease	2.44	%
Operating lease	3.84	%

	Six Months Ended
Other Information (in thousands)	June 30, 2021		June 30, 2020
Cash Paid for Amounts Included in The Measurement of Lease Liabilities
Operating cash flow from operating leases	$	2,402	$	1,147
Financing cash flow from finance leases	63		15
Total Cash Paid On Lease Liabilities	$	2,465	$	1,162

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021.

Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2021 (Excluding six months ended June 30, 2021)	$	9,683
2022	15,583
2023	13,244
2024	8,230
2025	4,601
Thereafter	5,105
Total Undiscounted Cash Flows	$	56,446

The components of lease income were as follows (in thousands):

	Three Months Ended				Six Months Ended
Description	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating Leases
Fixed lease income	$	5,396	$	312	$	9,053	$	623
Variable lease income(1)	$	1,242	$	401	$	2,270	$	798

(1)C

Leases

Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2026.

Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2021 (Excluding six months ended June 30, 2021)	$	3,905	$	154	$	4,059
2022	6,704		214		6,918
2023	6,733		197		6,930
2024	7,102		4,070		11,172
2025	7,093		—		7,093
Thereafter	98,166		—		98,166
Total Lease Payments	$	129,703	$	4,635	$	134,338
Less: Imputed interest	(51,962)		(309)		(52,271)
Present Value of Lease Liabilities	$	77,741	$	4,326	$	82,067

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

Description	Financial Statement Classification	As of June 30, 2021		As of December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,391	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	88,244	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	27,238	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,326	$	4,334
Operating lease liabilities	Other liabilities	$	77,741	$	49,964

Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands):

		Three Months Ended				Six Months Ended
Description	Financial Statement Classification	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	26	$	26	$	52	$	52
Operating lease cost	General and administrative expense, Property operating and maintenance	2,304		977		4,452		1,804
Variable lease cost	Property operating and maintenance	1,819		420		3,118		746
Short term lease cost	Property operating and maintenance	77		—		138		—
Total Lease Expense		$	4,226	$	1,423	$	7,760	$	2,602

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	June 30, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.97
Operating lease	26.50
Weighted-average Discount Rate
Finance lease	2.44	%
Operating lease	3.84	%

	Six Months Ended
Other Information (in thousands)	June 30, 2021		June 30, 2020
Cash Paid for Amounts Included in The Measurement of Lease Liabilities
Operating cash flow from operating leases	$	2,402	$	1,147
Financing cash flow from finance leases	63		15
Total Cash Paid On Lease Liabilities	$	2,465	$	1,162

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021.

Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2021 (Excluding six months ended June 30, 2021)	$	9,683
2022	15,583
2023	13,244
2024	8,230
2025	4,601
Thereafter	5,105
Total Undiscounted Cash Flows	$	56,446

The components of lease income were as follows (in thousands):

	Three Months Ended				Six Months Ended
Description	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating Leases
Fixed lease income	$	5,396	$	312	$	9,053	$	623
Variable lease income(1)	$	1,242	$	401	$	2,270	$	798

(1)C

Leases

Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2021 (Excluding six months ended June 30, 2021)	$	3,905	$	154	$	4,059
2022	6,704		214		6,918
2023	6,733		197		6,930
2024	7,102		4,070		11,172
2025	7,093		—		7,093
Thereafter	98,166		—		98,166
Total Lease Payments	$	129,703	$	4,635	$	134,338
Less: Imputed interest	(51,962)		(309)		(52,271)
Present Value of Lease Liabilities	$	77,741	$	4,326	$	82,067

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

Description	Financial Statement Classification	As of June 30, 2021		As of December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,391	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	88,244	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	27,238	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,326	$	4,334
Operating lease liabilities	Other liabilities	$	77,741	$	49,964

Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands):

		Three Months Ended				Six Months Ended
Description	Financial Statement Classification	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	26	$	26	$	52	$	52
Operating lease cost	General and administrative expense, Property operating and maintenance	2,304		977		4,452		1,804
Variable lease cost	Property operating and maintenance	1,819		420		3,118		746
Short term lease cost	Property operating and maintenance	77		—		138		—
Total Lease Expense		$	4,226	$	1,423	$	7,760	$	2,602

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	June 30, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.97
Operating lease	26.50
Weighted-average Discount Rate
Finance lease	2.44	%
Operating lease	3.84	%

	Six Months Ended
Other Information (in thousands)	June 30, 2021		June 30, 2020
Cash Paid for Amounts Included in The Measurement of Lease Liabilities
Operating cash flow from operating leases	$	2,402	$	1,147
Financing cash flow from finance leases	63		15
Total Cash Paid On Lease Liabilities	$	2,465	$	1,162

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021.

Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2021 (Excluding six months ended June 30, 2021)	$	9,683
2022	15,583
2023	13,244
2024	8,230
2025	4,601
Thereafter	5,105
Total Undiscounted Cash Flows	$	56,446

The components of lease income were as follows (in thousands):

	Three Months Ended				Six Months Ended
Description	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating Leases
Fixed lease income	$	5,396	$	312	$	9,053	$	623
Variable lease income(1)	$	1,242	$	401	$	2,270	$	798

(1)C