PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Future Minimum Lessor Receivable Arrangements
The future minimum lessor receivable arrangements at December 31, 2023 were as follows:
Table 61: Future Minimum Lessor Receivable Arrangements
| In millions | Operating Leases | Sales-type and Direct Financing Leases |
|---|---|---|
| 2024 | $17 | $1,655 |
| 2025 | 16 | 1,174 |
| 2026 | 15 | 907 |
| 2027 | 10 | 863 |
| 2028 | 2 | 491 |
| 2029 and thereafter | 896 | |
| Total future minimum lease receivable arrangements | $60 | $5,986 |
Lessee Arrangements
We lease retail branches, datacenters, office space, land and equipment under operating and finance leases. Our leases have remaining lease terms of 1 year to 44 years, some of which may include options to renew the leases for up to 99 years, and some of which may include options to terminate the leases prior to the end date of the lease term. Certain leases also include options to purchase the leased asset. The exercise of lease renewal, termination and purchase options is at our sole discretion.
Certain of our lease agreements include rental payments based on a percentage of revenue and others include rental payments if certain bank deposit levels are met. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Subleases to third parties were not material at December 31, 2023 and 2022.
130 The PNC Financial Services Group, Inc. –2023 Form 10-K
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