BREIT 2017 Annual Report

F-22 12. Commitments and Contingencies As of December 31, 2017 and 2016, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. As disclosed in Note 2, the Adviser agreed to advance certain organization and offering costs on behalf of the Company interest free through December 31, 2017. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. Additionally, two of the Company’s investments in real estate include ground lease obligations with varying maturity dates through 2085. The Company recognizes ground rent expense on a straight-line basis as a component of Rental Property Operating or Hotel Operating expense on the Company’s Consolidated Statement of Operations. The following table details the Company’s contractual obligations and commitments with payments due subsequent to December 31, 2017 ($ in thousands): Year Future Commitments 2018 $ 2,272 2019 2,272 2020 3,287 2021 3,322 2022 3,349 Thereafter 15,310 Total $ 29,812 13. Five Year Minimum Rental Payments The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 $ 48,365 2019 43,563 2020 40,060 2021 35,439 2022 28,368 Thereafter 50,034 Total $ 245,829