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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract] |
Minimum Future Obligation Payments Required Under Ground Leases | The following is a schedule of the minimum future payments required under the ground, air rights, garages leases and office lease as of September 30, 2018, for the remainder of 2018 and for each of the next five calendar years and thereafter (in thousands):
| Other Leases(1) |  | Office Lease
| Amount
2018 (remaining three months) | $ | 318 |  |  | $ | 196 |
2019 | 1,273 |  |  | 792 |
2020 | 1,320 |  |  | 812 |
2021 | 1,326 |  |  | 832 |
2022 | 1,329 |  |  | 853 |
2023 | 1,332 |  |  | 873 |
Thereafter | 69,225 |  |  | 2,436 |
Total | $ | 76,123 |  |  | $ | 6,794 |
(1) Other leases includes ground, garage and air rights leases at our hotels.
Schedule of Management Agreement Terms | Terms of the Company's management agreements entered into during the three and nine months ended September 30, 2018 are as follows:
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee
Residence Inn Summerville | IHM | 3.0% | $1,500 | $1,000 | 1.0%
Schedule of Franchise Agreement Terms | Terms of the Company's franchise agreements entered into during the three and nine months ended September 30, 2018 are as follows:
Property | Franchise Company | Franchise/Royalty Fee | Marketing Program Fee | Expiration
Residence Inn Summerville | Marriott International, Inc | 6.0% | 2.5% | 2038

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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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