LEASES (Tables)

12 Months Ended

Dec. 31, 2023


		Year Ended December 31,
		2023		2022		2021

	(in thousands)
Finance lease cost:
Amortization of finance lease right-of-use assets		$	964	$	964	$	964
Interest expense related to finance lease liabilities			2,138		2,140		2,139
Operating lease cost			3,064		2,980		3,278
Short-term lease cost ⁽¹⁾			1,375		868		1,173
Total lease costs		$	7,541	$	6,952	$	7,554

Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows for finance leases		$	2,183	$	2,183	$	1,938
Operating cash outflows for operating leases			2,601		2,453		2,513
Total cash outflows for lease liability measurement		$	4,784	$	4,636	$	4,451

(1)

Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.

Schedule of balance sheet information associated with operating leases


	December 31,
	2023			2022

	(dollars in thousands)
Finance Leases
Right-of-use assets included in Storage properties, net	$	41,945		$	41,945
Lease liabilities included in Lease liabilities - finance leases	$	65,714		$	65,758

Operating Leases
Right-of-use assets included in Other assets, net	$	50,476		$	49,491
Lease liabilities included in Accounts payable, accrued expenses and other liabilities	$	50,324		$	48,664

Weighted Average Lease Term (in years)
Finance leases		40.5			41.5
Operating leases		32.0			33.3

Weighted Average Discount Rate
Finance leases		3.25	%		3.25	%
Operating leases		4.52	%		4.44	%

Schedule of future operating lease liability maturities

The following table represents the future lease liability maturities as of December 31, 2023 (in thousands):


	Finance		Operating
2024	$	2,183	$	2,536
2025		2,224		2,524
2026		2,334		2,587
2027		2,371		2,618
2028		2,371		2,649
2029 and thereafter		115,855		86,718
Total lease payments		127,338		99,632
Less: Imputed interest		(61,624)		(49,308)
Present value of lease liabilities	$	65,714	$	50,324