Rent Expense

The Trust leases the rights to parking structures at three of its properties, the air space above one property, and the land upon which fifty-two of its properties are located from third party land owners pursuant to separate leases. The leases require fixed rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 90 years remaining, excluding extension options. As of June 30, 2016, the future minimum lease obligations under non-cancelable parking, air, and ground leases were as follows (in thousands):



2016	$	1,049
2017	2,134
2018	2,189
2019	2,239
2020	2,290
Thereafter	57,404
Total	$	67,305

Rent expense for the parking, air, and ground leases of $0.4 million for the three month periods ended both June 30, 2016 and 2015, and $0.8 million for the six month periods ended both June 30, 2016 and 2015, are reported in operating expenses in the consolidated statements of income.