Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments (Tables)

v3.20.2
Lease Commitments (Tables)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Ground Lease Payments and Supplemental Information Related to Leases 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 September 30, Nine Months Ended September 30,
2020 2019 2020 2019 Expiration Year
Amscot $ $ $ 19  $ 19  2045
Beaver Ruin Village 14  14  41  41  2054
Beaver Ruin Village II 17  17  2056
Leased office space Charleston, SC —  17  —  67  2019
Moncks Corner 30  30  91  91  2040
Devine Street (1)
99  99  297  297  2051
JANAF (2)
71  65  214  200  2069
    Total ground leases $ 226  $ 238  $ 679  $ 732 
(1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051.
(2) Includes $34 thousand and $103 thousand in variable percentage rent, during the three and nine months ended September 30, 2020, respectively. Includes $29 thousand and $90 thousand in variable percentage rent, during the three and nine months ended September 30, 2019, respectively.

Supplemental information related to leases is as follows (in thousands, unaudited):
Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 146  $ 437 
Leased assets obtained in exchange for new operating lease liabilities $ —  $ — 
Three Months Ended
September 30, 2019
Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities $ 161  $ 500 
Leased assets obtained in exchange for new operating lease liabilities $ —  $ 11,904 
Schedule of Undiscounted Cash Flows of Scheduled Obligations for Under Operating Leases
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 September 30, 2020 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2020 are as follows (in thousands, unaudited):
For the remaining three months ended December 31, 2020 $ 146 
December 31, 2021 637 
December 31, 2022 640 
December 31, 2023 642 
December 31, 2024 644 
December 31, 2025 648 
Thereafter 22,460 
    Total minimum lease payments (1)
25,817 
Discount (13,900)
    Operating lease liabilities $ 11,917 
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised