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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future lease payments due under the terms of these leases as of March 31, 2020 are as follows (dollars in thousands):
Year |  | Future Lease Payments Due Under Operating Leases
Nine Months Ending December 31, 2020 |  | $ | 350 |
2021 |  | 477 |
2022 |  | 489 |
2023 |  | 492 |
2024 |  | 493 |
2025 |  | 494 |
Thereafter |  | 7,305 |
Total anticipated lease payments |  | $ | 10,100 |
Less: amount representing interest |  | (4,292 | )
Present value of lease payments |  | $ | 5,808 |
Rental expense incurred for properties with ground lease obligations during the three months ended March 31, 2020 and 2019 was $0.1 million and $0.1 million, respectively. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations and comprehensive income. Letters of Credit As of March 31, 2020, there was $12.6 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheets.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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