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Investments in Equipment and Leases, Net (Tables)
 9 Months Ended
Sep. 30, 2015
Investments in Equipment and Leases, Net [Abstract]  
Investment in Leases

The Company’s investment in leases consists of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance
December 31,
2014

 

 

Reclassifications
&
Additions /
Dispositions

 

 

Depreciation/
Amortization
Expense or
Amortization
of Leases

 

 

Balance
September 30,
2015

Net investment in operating leases

$
3,697 

 

$
(306)

 

$
(244)

 

$
3,147 

Net investment in direct financing leases

 
18 

 

 

 -

 

 
(4)

 

 
14 

Assets held for sale or lease, net

 
785 

 

 
(63)

 

 

 -

 

 
722 

Total

$
4,500 

 

$
(369)

 

$
(248)

 

$
3,883 

 

Property on Operating Leases

Property on operating leases consists of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance
December 31,
2014

 

 


Additions

 

 

Reclassifications

or Dispositions

 

   

Balance
September 30,
2015

Transportation, rail

$
14,263 

 

$

 -

 

$
236 

 

$
14,499 

Containers

 
11,603 

 

 

 -

 

 
(2,380)

 

 
9,223 

Other

 
350 

 

 

 -

 

 
(350)

 

 

 -

 

 
26,216 

 

 

 -

 

 
(2,494)

 

 
23,722 

Less accumulated depreciation

 
(22,519)

 

 
(244)

 

 
2,188 

 

 
(20,575)

Total

$
3,697 

 

$
(244)

 

$
(306)

 

$
3,147 

 

Components of Company's Investment in Direct Financing Leases

The following lists the components of the Company’s investment in direct financing leases as of September 30, 2015 and December 31, 2014 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

2015

 

 

2014

Total minimum lease payments receivable

 

 

 

$
11 

 

$
28 

Estimated residual values of leased equipment (unguaranteed)

 

 
10 

 

 
10 

Investment in direct financing leases

 

 

 

 
21 

 

 
38 

Less unearned income

 

 

 

 
(7)

 

 
(20)

Net investment in direct financing leases

 

 

 

$
14 

 

$
18 

 

Future Minimum Lease Payments Receivable

At September 30, 2015, the aggregate amounts of future lease payments receivable are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating
Leases

 

 

Direct
Financing
Leases

 

 

Total

Three months ending December 31, 2015

 

$
574 

 

$
5 

 

$
579 

Year ending December 31, 2016

 

 
2,000 

 

 
6 

 

 
2,006 
2017 

 

 
1,589 

 

 

 -

 

 
1,589 
2018 

 

 
1,232 

 

 

 -

 

 
1,232 
2019 

 

 
964 

 

 

 -

 

 
964 
2020 

 

 
252 

 

 

 -

 

 
252 

 

 

$
6,611 

 

$
11 

 

$
6,622 

 

Schedule of Useful Lives of Assets

As of September 30, 2015, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years):

 

 

 

 

Equipment category

 

Useful Life

Transportation, rail

 

35 - 40

Containers

 

20 - 30

Aviation

 

15 - 20