Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments (Tables)

v3.21.1
Lease Commitments (Tables)
 3 Months Ended
Mar. 31, 2021
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 the following fixed annual rental payments and variable lease payments and include escalation clauses and renewal options as follows (in thousands, unaudited):
Three Months Ended March 31,
2021 2020 Expiration Year
Amscot $ 6  $ 6  2045
Beaver Ruin Village 14  14  2054
Beaver Ruin Village II 6  6  2056
Moncks Corner 30  30  2040
Devine Street (1)
99  99  2051
JANAF (2)
68  71  2069
Riversedge office space Virginia Beach, VA 42  —  2030
    Total ground leases $ 265  $ 226 
(1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051.
(2) Includes $31 thousand and $34 thousand in variable percentage rent, during the three months ended March 31, 2021 and 2020, respectively.



Supplemental information related to leases is as follows (in thousands, unaudited):
Three Months Ended
March 31
2021 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 225  $ 146 
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 March 31, 2021 and a reconciliation of those cash flows to the operating lease liabilities at March 31, 2021 are as follows (in thousands, unaudited):
For the remaining nine months ended December 31, 2021 $ 676 
December 31, 2022 905 
December 31, 2023 907 
December 31, 2024 909 
December 31, 2025 913 
December 31, 2026 943 
Thereafter 22,843 
    Total minimum lease payments (1)
28,096 
Discount (14,935)
    Operating lease liabilities $ 13,161 
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised