During the three months ended September 30, 2019 and 2018, the Company recognized rental expense for all operating leases of $10,947 and $5,536, respectively. During the nine months ended September 30, 2019 and 2018, the Company recognized rental expense for all operating leases of $28,323 and $16,831, respectively. These operating leases were related primarily to LNG vessel time charters, office space, a land site lease and marine port berth leases as detailed in the table below. | | | | | Land site lease(1) | | 5 year initial term; 5 year renewal option | | 2.5% per annum | Marine port berth lease | | 10 year initial term; annual renewal option for up to 10 years | | 15% after year 5 | Marine port berth lease | | 20 year initial term; no renewal option | | No escalation | Marine port berth lease | | 25 year initial term; 20 year renewal option | | No escalation | LNG vessel time charter
| | 24 month initial term; 3 month renewal option | | No escalation | LNG vessel time charter | | 7 year initial term; no renewal option | | 2% per annum after year 3 | LNG vessel time charter | | 15 year initial term; non-cancellable for the first 3 years; 5 year renewal option | | No escalation | LNG vessel time charter
| | 3 year initial term; no renewal option | | No escalation | Office space lease
| | 7 year initial term; two 5-year renewal options | | 3% per annum | Office space lease
| | 1 year renewal option | | 5% per annum |
| (1) | Refer to “Note 21. Related party transactions” for additional detail. |
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