Leasing Activity |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| 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 September 30, 2021 is as follows (in thousands): Remainder of 2021$ 77,055 2022 271,075 2023 204,571 2024 142,367 2025 89,682 Thereafter 158,093 Total (1)$ 942,843 ____________________________(1)Excludes future minimum rental income from assets held for sale as of September 30, 2021. 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 $26.8 million and $24.4 million for the three months ended September 30, 2021 and 2020, respectively, and $78.4 million and $72.2 million for the nine months ended September 30, 2021 and 2020, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 2.2% of total leased square footage are subject to termination options, of which 1.3% have termination options exercisable through December 31, 2021. 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. |