Leasing Activity |
3 Months Ended | |||||||||||||||||||||||||||
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Mar. 31, 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 to 10 years. Future minimum rental income, excluding recovery of operating expenses that may be collectable under these leases, as of March 31, 2021 is as follows (in thousands):
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 $25.9 million and $24.6 million for the three months ended March 31, 2021 and 2020, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 2.8% of total leased square footage are subject to termination options, of which 1.6% 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. |