Future Minimum Rent

Rental Revenue

The Company’s real estate assets are leased to tenants under operating leases with varying terms. The leases frequently have provisions to extend the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.

The future minimum rent to be received from the Company’s investments in real estate assets under non-cancelable operating leases, including optional renewal periods for which exercise is reasonably assured, for the six months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Six months ending December 31, 2016	$	95,104
2017	191,506
2018	194,744
2019	197,580
2020	198,651
Thereafter	1,892,718
	$	2,770,303

Rental Expense

The Company has ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options.

The future minimum rent obligations under non-cancelable ground leases for the six months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Six months ending December 31, 2016	$	350
2017	700
2018	702
2019	746
2020	746
Thereafter	37,836
	$	41,080