Commitments and Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Ground Leases
We are obligated as lessee under three ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2024, are as follows (dollars in thousands):
Rental expense incurred for properties with ground lease obligations was $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the consolidated statements of operations and comprehensive income. Our ground leases have a weighted average remaining lease term of 13.2 years and weighted average discount rate of 5.30%.
Letters of Credit
As of December 31, 2024, there were no outstanding letters of credit.
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- References No definition available.
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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