v3.3.1.900

Future Minimum Rent (Tables) | 12 Months Ended
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Dec. 31, 2015
Leases [Abstract] |
Future contractual minimum rent under operating lease | Future contractual minimum rent under operating leases as of December 31, 2015 for future periods is summarized as follows:
Year Ending | (in thousands)
2016 | $ | 495,765 |
2017 | 482,650 |
2018 | 440,367 |
2019 | 379,939 |
2020 | 311,225 |
Thereafter | 1,458,333 |
Total | $ | 3,568,279 |
The minimum commitment under our ground leases as of December 31, 2015 for five years and thereafter is as follows:
Year Ending | (in thousands)
2016 | $ | 3,144 |
2017 | 3,144 |
2018 | 3,144 |
2019 | 3,144 |
2020 | 3,144 |
Thereafter | 151,738 |
Total (1)(2)(3)(4) | $ | 167,458 |
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(1) | Reflects the minimum ground lease obligations before the impact of ground lease extension options.
(2) | One of our ground lease obligations is subject to a fair market value adjustment every five years; however, the lease includes ground rent subprotection and infrastructure rent credits which currently limit our annual rental obligations to $1.0 million. The contractual obligations for that ground lease included above assumes the lesser of $1.0 million or annual lease rental obligation in effect as of December 31, 2015.
(3) | One of our ground lease obligations includes a component which is based on the percentage of gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every five years based on 50% of the average annual percentage rent for the previous five years. Currently, gross income does not exceed the threshold requiring us to pay percentage rent. The contractual obligations for that ground lease included above assume the annual lease rental obligation in effect as of December 31, 2015.
(4) | One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations included above assume the annual lease rental obligation in effect as of December 31, 2015.

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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