Creative Media & Community Trust CorpCMCT

Creative Media & Community Trust Corp Leases Disclosure

10-KFiled Mar 16, 20211 min read
15. LEASES
Future minimum rental revenue under long-term operating leases as of December 31, 2020, excluding tenant reimbursements of certain costs, are as follows:
Years Ending December 31,Total
(in thousands)
2021$43,933 
202242,341 
202338,188 
202436,499 
202521,009 
Thereafter39,063 
$221,033 
The Company determined that there was one office lease for our lending segment where the Company was the lessee that was material to the consolidated balance sheet. Based on our assessment, the lease was classified as an operating lease and the Company recorded approximately $362,000 as a right-of-use asset in loan servicing asset, net and other assets and lease liability in other liabilities on the consolidated balance sheet on the effective date of January 1, 2019, which matured as of June 30, 2020. As of December 31, 2020 and 2019, the right-of-use asset and lease liability balance were approximately $0 and $106,000, respectively.

Historical Timeline

Fiscal YearFiled
2020Mar 16, 2021Showing above
2018Mar 18, 2019
2016Mar 16, 2017
2015Mar 15, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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