Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments

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Lease Commitments
9 Months Ended
Sep. 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 September 30, 2022 and 2021, the weighted average remaining lease term of our leases is 34 years and 31 years, respectively. Rent expense under the operating lease agreements were $295 thousand and $823 thousand for the three and nine months ended September 30, 2022, respectively. The rent expense was $268 thousand and $800 thousand for the three and nine months ended September 30, 2021, respectively.

The Cedar Portfolio has a ground lease which is accounted for as an operating lease with an expiration in year 2071 and is included in the purchase price allocation discussed in Note 3 of this Form 10-Q.

Supplemental information related to leases is as follows (in thousands, unaudited):
Three Months Ended
September 30
Nine Months Ended
September 30
2022 2021 2022 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 248  $ 225  $ 700  $ 676 

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 September 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2022 are as follows (in thousands, unaudited):
For the remaining three months ended December 31, 2022 $ 278 
December 31, 2023 1,113 
December 31, 2024 1,115 
December 31, 2025 1,119 
December 31, 2026 1,148 
December 31, 2027 1,152 
Thereafter 30,829 
    Total minimum lease payments (1)
36,754 
Discount (20,308)
    Operating lease liabilities $ 16,446 
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.