Leases

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019, our weighted average remaining lease term, including applicable extensions, was 8.6 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 and six months ended June 30, 2020, we recognized rent expense of $0.2 million and $0.3 million, respectively, related to long-term operating leases and $27,000 and $54,000, respectively, related to short-term operating leases. During the three and six months ended June 30, 2019, we recognized rent expense of $0.1 million and $0.2 million, respectively, related to long-term operating leases and $0.1 million 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 June 30, 2020 ($ in thousands):


	Operating Lease Liabilities
2020 (1)	$	307
2021	628
2022	653
2023	680
2024	701
Thereafter	3,091
Total lease payments	6,060
Less: interest	1,808
Lease liabilities	$	4,252

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(1)Excludes the six months ended June 30, 2020.