In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of March 31, 2023, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) certain corporate offices, the most material of which is our corporate headquarters in New York, NY, which expires in 2030 and has one five-year renewal option. The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of March 31, 2023 under our operating leases was 13.4 years.

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	1,426
2024	1,847
2025	1,908
2026	1,958
2027	1,979
2028	2,000
Thereafter	13,138
Total minimum lease commitments	$	24,256
Discounting factor	8,401
Lease liability	$	15,855

Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through the Lease Agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord.

We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease.

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.


(In thousands)	March 31, 2023		December 31, 2022
Others assets (operating sub-leases)	$	27,522	$	28,953
Other liabilities (operating sub-lease liabilities)	27,522		28,953

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	4,953
2024	6,553
2025	5,129
2026	3,934
2027	4,010
2028	3,034
Thereafter	2,094
Total minimum lease commitments	$	29,707
Discounting factor	2,185
Sub-lease liabilities	$	27,522

The discount rate for the operating sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of March 31, 2023 under our operating sub-lease was 5.2 years.

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities.

The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Others assets (sales-type sub-leases, net)	$	767,436	$	764,509
Other liabilities (finance sub-lease liabilities)	784,407		784,259

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rental income and expense	$	14,429	$	6,484
Contractual rent	14,281		6,678


(In thousands)	Lease Commitments
2023 (remaining)	$	44,487
2024	59,039
2025	59,174
2026	59,174
2027	59,174
2028	59,174
Thereafter	2,496,361
Total minimum lease commitments	$	2,836,583
Discounting factor	2,052,176
Finance sub-lease liability	$	784,407

The discount rates for the finance ground and use sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of March 31, 2023 under our finance sub-leases was 54.5 years.