16 Leases

The Company leases various office space and laboratory space under operating lease agreements, expiring at various dates through 2032. A number of the lease contracts provide the Company with an option to extend the lease term and also provide for annual minimum increases in rent, usually based on a consumer price index.

Lexington, Massachusetts

In July 2013, uniQure entered into a lease for a facility in Lexington, Massachusetts, United States. The term commenced in November 2013. The lease for this facility terminates in 2024, and subject to the provisions of the lease, may be renewed for two subsequent five-year terms. The Company expects to complete the qualification of its approximately 53,000 square feet manufacturing facility in 2017. The future aggregate minimum lease payments under the non-cancellable term of the lease amount to $14.4 million. The lease payments will be recognized as an expense on a straight line basis over term of the lease, taking into account the lease incentives in a total amount of $7.3 million as received from the landlord. This results in a monthly expense of $92,680. During 2016, the Company expensed a total amount of $1.1 million (2015: $1.1 million). As of December 31, 2016, the Company recorded a total deferred rent of $6.2 million (2015: $6.9 million), with a current element of $0.7 million (2015: $0.6 million).

Paasheuvelweg, Amsterdam

In March 2016, the Company entered into a 16-year lease for a facility in Amsterdam, the Netherlands and amended this agreement in June 2016. The term commenced in March 2016, with an option to extend for further periods of five years. The Company intends to initiate the consolidation of its three Amsterdam sites into the new site in early 2017. The lease for this facility terminates in 2032. Following the completion of its restructuring by the end of 2017, the Company will seek to sublease parts of the facility. The future aggregate minimum lease payments under the non-cancellable term of the lease amount to $23.4 million.

Meibergdreef and Academisch Medisch Centrum ("AMC") campus, Amsterdam

uniQure leases two facilities of approximately 26,000 square feet in aggregate from the Academisch Medisch Centrum ("AMC"), located at Meibergdreef in Amsterdam, the Netherlands. uniQure and AMC agreed to terminate the agreements effective June 1, 2017 for one facility, and effective December 31, 2017 for the other facility. The future aggregate minimum lease payments under the non-cancellable term of the lease amount to $0.3 million.

In April 2014, uniQure also entered into a lease with the AMC for an office facility of approximately 7,100 square feet, located on the AMC campus. The minimum lease period terminates in December 2017. The future aggregate minimum lease payments under the non-cancellable term of the lease amount to $0.2 million.

In April 2015, uniQure entered into a lease with Jan Snel B.V. for laboratory facility of approximately 9,300 square feet, also located on the AMC campus. The minimum lease period terminates in September 2018. The future aggregate minimum lease payments under the non-cancellable term of the lease amount to $1.0 million.

Minimum lease payments for future years are as follows:

Year ending December 31:	in thousands
2017	$	2,852
2018		2,728
2019		3,651
2020		3,704
2021		3,757
Thereafter		22,663

Total minimum lease payments	$	39,355

Rent expense for the years ended December 31, 2016, 2015 and 2014 was $4.4 million, $1.8 million and $1.5 million, respectively. Rent expense is calculated on a straight-line basis over the term of the lease, and takes into account $11.8 million of lease incentives.