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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year |  | Future Lease Payments Due Under Operating Leases
Six Months Ending December 31, 2023 |  | $ | 247 |
2024 |  | 493 |
2025 |  | 494 |
2026 |  | 498 |
2027 |  | 506 |
2028 |  | 510 |
Thereafter |  | 5,790 |
Total anticipated lease payments |  | $ | 8,538 |
Less: amount representing interest |  | (3,336) |
Present value of lease payments |  | $ | 5,202 |
Rental expense incurred for properties with ground lease obligations during the three and six months ended June 30, 2023 was $0.1 million and $0.2 million, respectively, and during the three and six months ended June 30, 2022 was $0.1 million and $0.2 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. Our ground leases have a weighted average remaining lease term of 18.1 years and a weighted average discount rate of 5.33%. Letters of Credit As of June 30, 2023, there was $14.4 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheets.

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