In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of December 31, 2024, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

•Operating Lease Commitments. We are liable under operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) our corporate headquarters in New York, NY, which expires in 2035 and has one five-year renewal option.

•Sub-Lease Commitments. Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through our lease agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord.

We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheets and Statement of Operations.

For the ground and use leases determined to be operating leases, we recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities. For ground and lease uses determined to be finance leases, we recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities.

The following table details the balance and location in our Balance Sheets of the ground and use sub-leases as of December 31, 2024 and 2023:


(In thousands)	December 31, 2024		December 31, 2023
Other assets (operating lease and sub-leases right-of-use assets)	$	54,144	$	38,345
Other liabilities (operating lease and sub-lease liabilities)	53,822		38,345
Other assets (sales-type sub-leases, net) (1)	842,776		847,330
Other liabilities (finance sub-lease liabilities)	863,374		866,052

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(1) As of December 31, 2024 and December 31, 2023, sales-type sub-leases are net of $20.6 million and $18.7 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details.

Total rental expense for operating lease commitments and total rental income and rental expense for operating and Finance sub-lease commitments and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Operating leases
Rental expense (1)	$	2,334	$	2,004	$	2,006
Contractual rent	1,363		1,905		1,901
Operating sub-leases
Rental income and expense (2)	6,889		6,849		5,707
Contractual rent	6,754		6,585		5,338
Finance sub-leases
Rental income and expense (2)	63,918		58,240		47,819
Contractual rent	65,030		59,094		52,191

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(1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations.

(2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2024 are as follows:


(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2025	$	1,082	$	6,510	$	65,194
2026	2,772		6,428		65,194
2027	1,921		6,603		65,194
2028	2,813		5,847		65,253
2029	1,921		5,102		65,803
Thereafter	20,825		7,168		2,692,070
Total minimum lease commitments	$	31,334	$	37,658	$	3,018,708
Discounting factor	10,048		5,122		2,155,334
Lease liability	$	21,286	$	32,536	$	863,374

Discount rates (1)	5.3% -7.0%		2.6% - 5.8%		5.6% - 8.3%

Weighted average remaining lease term	12.2 years		6.7 years		51.7 years

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(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.