Annual report pursuant to Section 13 and 15(d)

Leasing Activity

v3.20.4
Leasing Activity
12 Months Ended
Dec. 31, 2020
Leasing Activity [Abstract]  
Leasing Activity

5. Leasing activity

The Company leases space in its commercial real estate facilities to customers primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental income, excluding recovery of operating expenses that may be collectable under these leases, as of December 31, 2020 is as follows (in thousands):

2021

$

295,415 

2022

224,442 

2023

160,352 

2024

109,475 

2025

65,356 

Thereafter

120,165 

Total

$

975,205 

In addition to minimum rental payments, certain customers reimburse the Company for their pro rata share of specified property operating expenses. Such reimbursements amounted to $96.4 million, $96.5 million, and $91.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income.

Leases accounting for 2.9% of total leased square footage are subject to termination options, of which 1.8% have termination options exercisable through December 31, 2021 (unaudited). In general, these leases provide for termination payments to us should the termination options be exercised. Certain leases also have an option to extend the term of the lease. The future minimum rental income in the above table assumes termination options and lease extension options are not exercised.