Future Minimum Lease Payments

6 Months Ended

Jun. 30, 2015

Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]

We incurred lease payments related to two ground leases of $183 thousand and $606 thousand for the three months ended June 30, 2015 and 2014, respectively, and $366 thousand and $1.1 million for the six months ended June 30, 2015 and 2014, respectively. We acquired the fee interest related to one of those ground leases in February 2015 (see Notes 3 and 5). The table below presents (in thousands) the future minimum ground lease payments of our remaining ground lease as of June 30, 2015:



Twelve months ending June 30:
2016	$	733
2017	733
2018	733
2019	733
2020	733
Thereafter	48,743
Total future minimum lease payments⁽¹⁾	$	52,408

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(1)

Lease term ends on December 31, 2086, and requires ground rent payments of $733 thousand per year that will continue until February 28, 2019, rental payments for successive rental periods thereafter shall be determined by mutual agreement with the lessor. The future minimum ground lease payments in the table above assume that the rental payments will continue to be $733 thousand per year after February 28, 2019.