7. Leases

In September 2019, the Company’s lease agreement for its corporate headquarters in New York, NY commenced and will expire in May 2029. Pursuant to the lease, the Company will pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for our operating lease for the year ended December 31, 2020 was $1.3 million.

Information related to our leases is as follows (in thousands):


	Balance Sheet Location	December 31, 2020
Operating Leases
Right-of-use asset	Operating lease right-of-use assets	$	8,668
Short-term lease liabilities	Accrued expenses and other current liabilities	$	1,231
Long-term lease liabilities	Operating lease noncurrent liabilities	$	8,318

Other information
Cash outflows from operating activities attributable to operating leases		$	820
Weighted average remaining lease term, operating lease			8.4 years
Weighted average discount rate, operating lease			4.29%

Future minimum facility lease payments as of December 31, 2020, are as follows (in thousands):


	Operating Lease Payments as of December 31, 2020
Year Ending December 31:
2021	$	1,286
2022		1,286
2023		1,286
2024		1,326
2025		1,407
Thereafter		4,807
Total undiscounted lease payments	$	11,398
Less: imputed interest		1,849
Present value of lease liabilities	$	9,549
Less: current portion of operating lease liabilities		1,231
Operating lease noncurrent liabilities	$	8,318

Future minimum facility lease payments as of December 31, 2019, are as follows (in thousands):


	Operating Lease Payments as of December 31, 2019
Year Ending December 31:
2020	$	885
2021		1,286
2022		1,286
2023		1,286
2024		1,326
Thereafter		6,213
Total	$	12,282

Rent expense under our operating leases was approximately $1.2 million and $0.9 million for the years ended December 31, 2019 and 2018, respectively. The terms of the facility lease provide for rental payments on a monthly basis and on a graduated scale.