Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments

v3.22.2
Lease Commitments
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Lease Commitments Lease Commitments
The Company has ground leases and leases its corporate headquarters; both are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of June 30, 2022 and 2021, the weighted average remaining lease term of our leases is 30 and 31 years, respectively. Rent expense under the operating lease agreements were $264 thousand and $528 thousand for the three and six months ended June 30, 2022, respectively. The rent expense was $267 thousand and $532 thousand for the three and six months ended June 30, 2021, respectively.

Supplemental information related to leases is as follows (in thousands, unaudited):
Three Months Ended
June 30		 Six Months Ended
June 30
2022 2021 2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 226  $ 226  $ 452  $ 451 

Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of June 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at June 30, 2022 are as follows (in thousands, unaudited):
For the remaining six months ended December 31, 2022 $ 453 
December 31, 2023 907 
December 31, 2024 909 
December 31, 2025 913 
December 31, 2026 943 
December 31, 2027 946 
Thereafter 21,897 
    Total minimum lease payments (1)
26,968 
Discount (14,012)
    Operating lease liabilities $ 12,956 
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.