Future Minimum Rent

Rental Income

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 nine months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Nine months ending December 31, 2017	$	138,908
2018	188,689
2019	191,957
2020	192,829
2021	187,931
Thereafter	1,378,068
	$	2,278,382

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 nine months ending December 31, 2017 and for each of the next four years ended December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Nine months ending December 31, 2017	$	525
2018	702
2019	746
2020	746
2021	753
Thereafter	37,083
	$	40,555