LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2014

The Company leases land at eight of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.8 million, $1.8 million, and $1.7 million (including capitalized ground rent at properties under redevelopment of $0.8 million, $0.8 million and $0.8 million) for the years ended December 31, 2014, 2013 and 2012, respectively. The leases terminate at various dates between 2019 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 23 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $1.5 million, $1.4 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:




(dollars in thousands)
2015	$	2,756
2016	1,761
2017	6,336
2018	2,376
2019	2,346
Thereafter	19,424
Total	$	34,999

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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