Rent Expense

The Trust leases the rights to a parking structure at one of its properties and the land upon which fourteen of its properties are located from third party land owners pursuant to separate ground and parking leases. The parking and ground leases require fixed annual rental payments and may also include escalation clauses and renewal options. These leases have terms up to 90 years remaining, excluding extension options. As of September 30, 2015, the future minimum lease obligations under non-cancelable parking and ground leases were as follows (in thousands):



2015	$	403
2016	1,629
2017	1,666
2018	1,708
2019	1,751
Thereafter	32,794
Total	$	39,951

Rent expense for the parking and ground leases of $0.4 million and $0.3 million for the three month periods ended September 30, 2015 and 2014, respectively, and $1.2 million and $0.7 million for the nine month periods ended September 30, 2015 and 2014, respectively, are reported in operating expenses in the consolidated statements of operations.