Leases

In connection with its acquisitions the Company has assumed various lease agreements. These lease agreements primarily comprise one operating lease of the Georgia Tech Hotel & Conference Center and nine ground leases. The following table summarizes the Company's future minimum rental commitments under these leases (in thousands):



	Minimum Rental Commitments		Amortization of Below Market Lease Intangible to Rent Expense
Year ended December 31, 2016	$	5,191	$	398
Year ended December 31, 2017	5,209		398
Year ended December 31, 2018	5,216		398
Year ended December 31, 2019	5,226		398
Year ended December 31, 2020	5,264		398
Thereafter	86,968		8,233
Total	$	113,074	$	10,223

The Company has allocated values to certain above and below-market lease intangibles based on the difference between market rents and rental commitments under the leases. During the years ended December 31, 2015 and December 31, 2014, amortization of below-market lease intangibles, net, to rent expense was $0.4 million and $0.3 million, respectively. Rent expense for the years ended December 31, 2015 and December 31, 2014 was $5.8 million and $4.8 million, respectively. Included in the prior year period is rent expense recognized by the Predecessor.