Future Minimum Lease Payments

6 Months Ended

Jun. 30, 2018

Future Minimum Lease Payments [Abstract]

Contingent rental expense is recorded in the period in which the contingent event becomes probable. The following table summarizes rent expense for ground leases as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Contingent rental expense	$	2,453	$	1,650	$	5,548	$	3,834
Minimum rental expense	4,136		3,055		7,473		6,251

The following table provides information regarding the Company’s future minimum lease payments for its ground leases (before the impact of extension options, if applicable) as of June 30, 2018:



Year	Ground Leases⁽¹⁾
Remaining 2018	$	7,908
2019	15,815
2020	15,815
2021	15,815
2022	15,815
Thereafter	436,791
Total	$	507,959

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(1)	In situations where ground lease obligation adjustments are based on third-party appraisals of fair market land value, CPI adjustments and/or percentage of gross income that exceeds the minimum annual rent, the future minimum lease amounts above include the lease rental obligations in effect as of June 30, 2018.