Office Leases
−Removed: We currently pay monthly rent pursuant to three office leases.
−Removed: In November 2018, we amended the lease for our corporate headquarters in New York, New York, under the same terms and conditions, to extend the expiration date for the lease by up to one year, through June 30, 2021, with a mutual option to terminate on or after February 15, 2021.
−Removed: For the year ended December 31, 2020, we recorded an expense of approximately $2.9 million in connection with the lease for our current corporate headquarters.
−Removed: In addition, in November 2018, we executed a lease agreement on new office space in New York, New York.
−Removed: We plan to relocate our corporate headquarters to this new office space upon the substantial completion of the building.
−Removed: The lease term specified in the agreement is fifteen years with an option to renew for an additional five years.
−Removed: Our current estimate of annual lease rental expense under the new lease, excluding escalation charges which at this point are unknown, is approximately $4.6 million.
−Removed: We currently expect to relocate to the space in the first fiscal quarter of 2021 , but this timing as well as when we are required to begin making payments and recognize rental and other expenses under the new lease, is dependent on when the space is actually available for use.
+Added: Our primary lease commitments relate to our corporate headquarters.
+Added: In April 2021, we relocated our corporate headquarters, terminating our prior lease on April 30, 2021.
+Added: For the year ended December 31, 2021, we recorded an expense of approximately $4.0 million in connection with these two leases.
+Added: In addition, we have a lease through February 2025 for our Lima One offices located in Greenville, South Carolina.
+Added: At December 31, 2021, we expect our future rent expense, exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes, to be approximately $5.0 million per year.
Legal Proceedings.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.