Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
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 September 30, 2018 are as follows (dollars in thousands):
 
Year
 
Minimum Rental Payments Due
Three Months Ending December 31, 2018
 
$
117

2019
 
465

2020
 
466

2021
 
392

2022
 
319

2023
 
322

Thereafter
 
3,914

Total
 
$
5,995



Rental expense incurred for properties with ground lease obligations during the three and nine months ended September 30, 2018 was $0.1 million and $0.4 million, respectively, and during the three and nine months ended September 30, 2017 was $0.1 million and $0.4 million, respectively. Rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations and comprehensive income.

Letters of Credit

As of September 30, 2018, there was $1.2 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheets.