Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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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.