Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 330

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 330
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 where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the year ended  December 31, 2024, the Company incurred $8.5 million of depreciation expense for these assets.

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   The Company leases dock space to a related party at our Laredo, Texas terminal and warehouse and office space to an unrelated lessee at a second Laredo, Texas terminal. At  December 31, 2024, the cost and carrying amount of the facilities leased were approximately $13,738,000 and $10,937,000, respectively. Future minimum lease receipts related to this operating lease at  December 31, 2024 are approximately $67,750. See Note 19 – Related Party Transactions for additional information regarding the Company’s transactions with related persons.
    
   The Company's operating lease revenue is disclosed in the table below.

       Twelve Months Ended December 31,  
   2024    2023  
   (in thousands)  
 Leased truck revenue (recorded in revenue, before fuel surcharge)  $9,961  $7,850 
 Leased building space revenue (recorded in non-operating income)   604   395 
 Total lease revenue  $10,565  $8,245 

   Lease Receivable
    
   Future minimum operating lease payments receivable at  December 31, 2024:

       (in thousands) 
 2025  $12,372 
 2026   8,386 
 2027   353 
 2028 & Thereafter   - 
 Total future minimum lease payments receivable  $21,111 

   Lease Payments to Related Parties
    
   Payments to related parties of $1,349,261 were made for real estate leases during 2024 which include maintenance facilities in one state and trailer drop yards in nine states. The leases are generally month to month leases with automatic monthly renewal provisions.
    
   During 2024 the Company leased office, shop and parking spaces from various lessors, including a related party. The initial term for the majority of these leases is one year, with an option for early cancellation and an option to renew for subsequent one-month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or