Rent Expense

12 Months Ended

Dec. 31, 2018

The Company leases the rights to parking structures at 3 of its properties, the air space above 1 property, and the land upon which 76 of its properties are located from third party land owners pursuant to separate leases. In addition, the Company leases 5 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 87 years remaining, excluding extension options. As of December 31, 2018, the future minimum lease obligations under non-cancelable parking, air, ground, and office leases were as follows (in thousands):



2019	$	3,058
2020	3,013
2021	3,037
2022	3,030
2023	3,017
Thereafter	143,094
Total	$	158,249

Rent expense for the parking, air, and ground leases of $2.4 million, $2.4 million, and $1.9 million for the years ended December 31, 2018, 2017, and 2016, respectively, are reported in operating expenses in the consolidated statements of income. Rent expense for office leases was $0.1 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively, and was insignificant for the year ended December 31, 2016, and is reported within general and administrative expenses in the consolidated statements of income.