The ONE Group Hospitality, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2021

The components of lease expense for the period were as follows (in thousands):


	March 31,			March 31,
	2021			2020
Lease cost
Operating lease cost	$	3,298		$	3,297
Variable lease cost		767			1,156
Short-term lease cost		138			128
Sublease income		—			(135)
Total lease cost	$	4,203		$	4,446

Weighted average remaining lease term – operating leases		12 years			13 years
Weighted average discount rate – operating leases		8.09	%		8.49	%

Supplemental cash flow information related to leases for the period was as follows (in thousands):


	March 31,		March 31,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,514	$	3,161
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	288

As of March 31, 2021, maturities of the Company’s operating lease liabilities are as follows (in thousands):


2021, nine months remaining	$	10,066
2022		13,232
2023		13,531
2024		12,927
2025		11,893
Thereafter		112,866
Total lease payments		174,515
Less: imputed interest		(72,171)
Present value of operating lease liabilities	$	102,344