Commitments and Contingencies
|12 Months Ended|
Dec. 31, 2022
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||Commitments and Contingencies
We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2022, are as follows (dollars in thousands):
Rental expense incurred for properties with ground lease obligations was $0.4 million, $0.5 million, and $0.5 million for the years ended December 31, 2022, 2021 and 2020, 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 18.5 years and weighted average discount rate of 5.33%.
Letters of Credit
As of December 31, 2022, there was $15.6 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef