Future Minimum Lease Payments

3 Months Ended

Mar. 31, 2013

Operating Leases, Future Minimum Payments Due [Abstract]

We currently lease portions of the land underlying two of our office properties. We expensed ground lease payments of $539 thousand and $543 thousand for the three months ended March 31, 2013 and 2012, respectively. We have a purchase option in one of these two leases, which we may exercise at any time prior to May 31, 2014 for a purchase price of $27.5 million. Because we have the ability and the intent to exercise this option, we have excluded payments under this lease from the future minimum rent payments in the table below. The following is a schedule of our future minimum ground lease payments as of March 31, 2013 (in thousands):



Three months ending March 31:
2014	$	733
2015	733
2016	733
2017	733
2018	733
Thereafter	50,393
Total future minimum lease payments	$	54,058

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details