Commitments and Contingencies Leasing commitments The Company periodically enters into ground leases for neighborhood and community shopping centers which it operates and enters into office leases for administrative space. During the years ended December 31, 2014, 2013 and 2012, the Company recognized rent expense associated with these leases of $9.2 million , $9.6 million and $9.4 million , respectively. Minimum annual rental commitments associated with these leases during the next five years and thereafter are as follows: 2015, $7.4 million ; 2016, $7.0 million ; 2017, $6.9 million ; 2018, $6.5 million ; 2019, $6.4 million and thereafter, $92.8 million . Insurance captive In April 2007, the Company formed a wholly owned captive insurance company, ERT CIC, LLC ( ERT CIC ) which underwrote the first layer of general liability insurance programs for the Company s wholly owned, majority owned and joint venture properties. The Company formed ERT CIC as part of its overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized ERT CIC in accordance with the applicable regulatory requirements. ERT CIC established annual premiums based on projections derived from the past loss experience of the Company s properties. ERT CIC engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to ERT CIC may be adjusted based on this estimate and may be reimbursed by tenants pursuant to specific lease terms. During 2012, the Company replaced ERT-CIC with a newly formed, wholly owned captive insurance company, Brixmor Incap, LLC ( Incap ). Incap underwrites the first layer of general liability insurance programs for the Company s wholly owned, majority owned and joint venture properties. The Company formed Incap as part of its overall risk management program and to stabilize ins