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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />The costs related to our leases were as follows:
<br />Operating Leases
<br />Operating lease costs
<br />Financing Leases
<br />Amortization expense
<br />Interest on lease liabilities
<br />Total financing lease costs
<br />Total lease costs
<br />Supplemental cash flow information related to our leases was as follows:
<br />Cash paid for amounts included in the measurement of operating lease liabilities
<br />Right -of -use assets obtained in exchange for new operating lease liabilitieshl
<br />Year Ended December 31,
<br />2023 2022 2021
<br />$ 9,416 $ 8,372 $ 8,780
<br />2,103 2,104 2,129
<br />1,804 2,147 2,541
<br />3,907 4,251 4,670
<br />$ 13,323 $ 12,623 $ 13,450
<br />(1) Includes non -monetary lease transactions of $13,941. See disclosure below for additional information.
<br />The table below sets forth our estimated minimum future lease obligations under our leases:
<br />Year ended December 31,
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028
<br />Thereafter
<br />Total minimum lease payments
<br />Less: interest
<br />Present value of lease liabilities
<br />Year Ended December 31,
<br />2023 2022
<br />$ 10,724 $ 7,978
<br />$ 25,225 $ 4,872
<br />Operating Leases Financing Leases
<br />$ 16,390 $
<br />2,317
<br />11,068
<br />2,213
<br />5,813
<br />2,054
<br />4,781
<br />1,922
<br />4,186
<br />1,955
<br />79,489
<br />15,935
<br />$ 121,727 $
<br />26,396
<br />65,900
<br />12,468
<br />$ 55,827 $
<br />13,928
<br />We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this
<br />commitment totals $10,500 as of December 31, 2023 which relate to lease payments to be made over a20-year period. The energy asset project related to this lease was sold
<br />during the year ended December 31, 2023, and once the final closing takes place in 2024 this lease will be assigned to the buyer.
<br />Non -monetary Lease Transactions
<br />We have two lease liabilities consisting of payment obligations that will be settled with non -monetary consideration. The lease liabilities relating to non -monetary consideration
<br />were recorded during the twelve months ended December 31, 2023 based on the fair market value of the project services or back up power expected to be provided, as noted
<br />below.
<br />In January 2023, a 37-year land lease commenced with the United States Navy ("Navy"), which expires in 2059. We are working to complete an In -Kind Consideration Project
<br />("IKCP"), which the Navy will credit as consideration towards our lease obligation upon the Navy's final acceptance of the IKCP.
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