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-six of its properties are located from third party land owners pursuant to separate leases. In addition, the Trust leases three individual office spaces. The leases require fixed rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 89 years remaining, excluding extension options. As of September 30, 2016, the future minimum lease obligations under non-cancelable parking, air, ground, and office leases were as follows (in thousands):



2016	$	560
2017	2,259
2018	2,314
2019	2,334
2020	2,337
Thereafter	61,738
Total	$	71,542

Rent expense for the parking, air, and ground leases of $0.5 million and $0.4 million for the three month periods ended September 30, 2016 and 2015, respectively, and $1.3 million and $1.2 million for the nine month periods ended September 30, 2016 and 2015, respectively, are reported in operating expenses in the consolidated statements of income.