Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments Lease Commitments

v3.19.2
Lease Commitments Lease Commitments
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Lease Commitments
Leases Commitments

The Company has ground leases and an administrative office lease, both of which are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of June 30, 2019, the weighted average remaining lease term of our leases is 35 years. The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands):
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
 
 
 
2019
 
2018
 
2019
 
2018
Expiration Year
 
Amscot
$
6

 
$
4

 
$
12

 
$
9

2045
 
Beaver Ruin Village
13

 
12

 
27

 
23

2054
 
Beaver Ruin Village II
5

 
5

 
11

 
10

2056
 
Leased office space Charleston, SC
25

 
25

 
50

 
50

2019
 
Moncks Corner
31

 
31

 
61

 
61

2040
 
Devine Street
99

 
62

 
198

 
125

2051
(1) 
JANAF (2)
68

 
66

 
135

 
126

2069
 
    Total ground leases
$
247

 
$
205

 
$
494

 
$
404

 
 
(1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051.
(2) Includes $31 thousand and $61 thousand in variable percentage rent, during the three and six months ended June 30, 2019, respectively. Includes $29 thousand and $53 thousand in variable percentage rent, during the three and six months ended June 30, 2018, respectively.

Supplemental information related to leases is as follows (in thousands, unaudited):
 
Three Months Ended
June 30, 2019
 
Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
170

 
$
339

Leased assets obtained in exchange for new operating lease liabilities
$

 
$
11,904


Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of June 30, 2019 and a reconciliation of those cash flows to the operating lease liabilities at June 30, 2019 are as follows (in thousands, unaudited):
 
For the remaining six months ended December 31, 2019
$
305

December 31, 2020
583

December 31, 2021
637

December 31, 2022
640

December 31, 2023
642

December 31, 2024
644

Thereafter
23,109

    Total minimum lease payments (1)
26,560

Discount
(14,623
)
    Operating lease liabilities
$
11,937

(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.