Gladstone Commercial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. 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 as of March 31, 2016, are as follows (dollars in thousands):


		For the year ended December 31,
Location	Lease End Date	2016		2017		2018		2019		2020		Thereafter
Tulsa, OK	Apr-21	$	127	$	169	$	169	$	169	$	169	$	85
Springfield, MA	Feb-30		64		89		90		90		90		884
Dartmouth, MA	May-36		131		174		174		174		174		3,126
Salt Lake City, UT	Nov-40		22		30		31		32		33		853

		$	344	$	462	$	464	$	465	$	466	$	4,948

Expenses recorded in connection to rental expense incurred for the properties listed above during the three months ended March 31, 2016 and 2015 were $0.1 million, respectively. Rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations.

Letters of Credit

As of March 31, 2016, there were $3.0 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet.