LEASES (Tables)

6 Months Ended

Jun. 30, 2021

LEASES

Summary of lease cost

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Finance lease cost:
Amortization of finance lease right-of-use assets	$	241	$	—	$	482	$	—
Interest expense related to finance lease liabilities		533		—		1,060		—
Operating lease cost		822		746		1,644		1,492
Short-term lease cost (1)		326		275		632		583
Total lease cost	$	1,922	$	1,021	$	3,818	$	2,075
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows for finance leases	$	445	$	—	$	861	$	—
Operating cash outflows for operating leases		635		577		1,253		1,142
Total cash outflows for lease liability measurement	$	1,080	$	577	$	2,114	$	1,142

(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

	June 30,			December 31,
	2021			2020
	(dollars in thousands)
Finance Leases
Right-of-use assets included in Storage properties, net	$	41,414		$	41,896
Lease liabilities included in Lease liabilities - finance leases	$	65,798		$	65,599
Operating Leases
Right-of-use assets included in Other assets, net	$	54,683		$	55,302
Lease liabilities included in Accounts payable, accrued expenses and other liabilities	$	53,476		$	53,595
Weighted Average Lease Term (in years)
Finance leases		43.0			43.5
Operating leases		34.4			34.8
Weighted Average Discount Rate
Finance leases		3.25	%		3.25	%
Operating leases		4.47	%		4.46	%

Schedule of future operating lease liability maturities

The following table represents the future lease liability maturities as of June 30, 2021 (in thousands):

	Finance		Operating
2021	$	1,075	$	1,258
2022		2,183		2,639
2023		2,183		2,690
2024		2,183		2,540
2025		2,224		2,539
2026 and thereafter		122,932		99,290
Total lease payments		132,780		110,956
Less: Imputed interest		(66,982)		(57,480)
Present value of lease liabilities	$	65,798	$	53,476