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Leases | 12 Months Ended
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Dec. 31, 2017
Leases |
Leases | 12. Leases Operating Leases The Company currently leases office space and research laboratory space in various facilities under operating agreements expiring at various dates through 2025. The following table contains information about our current significant leased properties as of December 31, 2017:
Location |  | Approximate Square Feet |  | Use |  | Lease expiry date
Cranbury, New Jersey |  |  | 90,000 |  | Office and laboratory |  | September 2025
Durham, North Carolina |  |  | 5,603 |  | Office |  | June 2018
Buckinghamshire, United Kingdom |  |  | 9,821 |  | Office |  | September 2020
Munich, Germany |  |  | 4,751 |  | Office |  | April 2022
In addition to the above, we also maintain small offices in the Italy, France, Netherlands, Spain, Japan, Canada and Denmark. We believe that our current office and laboratory facilities are adequate and suitable for our current and anticipated needs. We believe that, to the extent required, we will be able to lease or buy additional facilities at commercially reasonable rates. Rent expenses for the Company's facilities are recognized over the term of the lease. The Company recognizes rent starting when possession of the facility is taken from the landlord. When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent liability. Tenant leasehold improvement allowances are reflected in accrued expenses on the consolidated balance sheets and are amortized as a reduction to rent expense in the statement of operations over the term of the lease. At December 31, 2017, aggregate annual future minimum lease payments under these leases are as follows:
(in thousands) |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 and beyond |  | Total |
Minimum lease payments |  | $ | 2,762 |  | $ | 2,575 |  | $ | 2,472 |  | $ | 2,240 |  | $ | 8,467 |  | $ | 18,516 |
Rent expense, including fees for utilities and common area maintenances for the years ended December 31, 2017, 2016 and 2015 were $3.9 million, $3.5 million and $2.6 million, respectively. Capital Leases In 2016, the Company purchased equipment of approximately $0.9 million through financing arrangements. These financing arrangements include interest of approximately 0.2-5.7%, and lease terms of 36-48 months. At December 31, 2017, aggregate annual future minimum lease payments under these leases, including interest, are as follows (in thousands):
Years ending December 31: |  |  |
2018 |  | $ | 356 |
2019 |  |  | 134 |
2020 |  |  | — |
2021 |  |  | — |
2022 and beyond |  |  | — |
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Total principal obligation |  | $ | 490 |
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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