Leases

We lease office space under various operating leases. We currently occupy office space in Christiansted, U.S. Virgin Islands; Charlotte, North Carolina; College Station, Texas; George Town, Cayman Islands; and Bengaluru, India. As of March 31, 2020 and December 31, 2019, our weighted average remaining lease term, including applicable extensions, was 8.8 years and 9.1 years, respectively, and we applied a discount rate of 8.4% and 8.4%, respectively, to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would be charged to finance real estate assets.

During the three months ended March 31, 2020 and 2019, we recognized rent expense of $0.2 million and $0.1 million, respectively, related to long-term operating leases, and we recognized rent expense of a nominal amount and $0.1 million, respectively, related to short-term operating leases. We include rent expense as a component of general and administrative expenses.

The following table presents our future lease obligations under our operating leases as of March 31, 2020 ($ in thousands):



	Operating Lease Liabilities
2020 (1)	$	614
2021	633
2022	661
2023	685
2024	707
Thereafter	2,913
Total lease payments	6,213
Less: interest	1,894
Lease liabilities	$	4,319

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(1)	Excludes the three months ended March 31, 2020.