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Future Minimum Base Rents and Lease Payments Future Minimum Rents | 6 Months Ended
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Jun. 30, 2015
Future Minimum Base Rents and Lease Payments Future Minimum Rents [Abstract] |
Future Minimum Base Rents and Lease Payments Future Minimum Rents | Future Minimum Base Rents and Lease Payments Future Minimum Rents Our properties are leased to tenants under operating leases with initial term expiration dates ranging from 2015 to 2030. Approximate future combined minimum rentals (excluding tenant reimbursements for operating expenses and without regard to cancellation options) for properties at June 30, 2015 are presented below for the years/periods ended December 31. The table below does not include rents under leases at our media and entertainment properties with terms of one year or less. Future minimum base rents under our operating leases in each of the next five years and thereafter are as follows (in thousands):
| Non-cancellable |  | Subject to early termination options |  | Total
2015 (six months ending December 31, 2015) | $ | 228,946 |  |  | $ | 253 |  |  | $ | 229,199 |
2016 | 426,250 |  |  | 3,099 |  |  | 429,349 |
2017 | 346,395 |  |  | 7,747 |  |  | 354,142 |
2018 | 265,643 |  |  | 25,862 |  |  | 291,505 |
2019 | 224,441 |  |  | 27,570 |  |  | 252,011 |
2020 | 162,168 |  |  | 7,737 |  |  | 169,905 |
Thereafter | 581,936 |  |  | 16,052 |  |  | 597,988 |
Total | $ | 2,235,779 |  |  | $ | 88,320 |  |  | $ | 2,324,099 |
Future Minimum Lease Payments In conjunction with the acquisition of the EOP Northern California Portfolio, our respective subsidiaries, assumed the ground lease agreements below with unrelated parties.
Property |  | Expiration Date |  | Minimum Annual Rent |  | Notes
1500 Page Mill Center |  | 11/30/2041 |  | $ | 600 |  |  | Minimum annual rent (adjusted on 1/1/2019 and 1/1/2029) plus 25% of AGI less minimum annual rent.
Clocktower Square |  | 9/26/2056 |  | 584 |  |  | Minimum annual rent (adjusted every 10 years) plus 25% of AGI less minimum annual rent.
Palo Alto Square |  | 11/30/2045 |  | 1,500 |  |  | Minimum annual rent (adjusted every 10 years starting 1/1/2022) plus 25% of AGI less minimum annual rent.
Lockheed Building |  | 7/31/2040 |  | 350 |  |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land or the previous year’s adjusted base amount plus 75% of CPI change. Percentage annual rent is gross income x 24.125%.
Foothill Research |  | 6/30/2039 |  | 1,541 |  |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land or the previous year’s adjusted base amount plus 75% of CPI change. Percentage annual rent is gross income x 24.125%.
3400 Hillview |  | 10/31/2040 |  | 1,542 |  |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land plus 75% of annual CPI increase through 10/31/2017 plus 75% of CPI change thereafter. Percentage annual rent is gross income x 24.125%.
Bay Park Plaza |  | 6/30/2030 |  | 39 |  |  | Subject to an annual 3% CPI increase
Metro Center 989 |  | 4/28/2054 |  | 1,139 |  |  | Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Metro Center Retail |  | 4/28/2054 |  | 609 |  |  | Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Metro Center Tower |  | 4/28/2054 |  | 2,821 |  |  | Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Techmart Commerce Center |  | 5/31/2053 |  | 1,210 |  |  | Subject to a 10% increase every 5 years.
In conjunction with the acquisition of the Sunset Gower property, our subsidiary, SGS Realty II, LLC, assumed a ground lease agreement (expiring March 31, 2060) for a portion of the land with an unrelated party. As a result of the March 2011 rent adjustment, monthly rent increased to $0.031 million, whereas the monthly rent totaled $0.014 million at the time of acquisition. The rental rate is subject to adjustment again in March 2018 and every seven years thereafter. In conjunction with the acquisition of the Del Amo Office property, our subsidiary, Hudson Del Amo Office, LLC, assumed a ground sublease (expiring June 30, 2049) with an unrelated party. Rent under the ground sublease is $1.00 per year, with the sublessee being responsible for all impositions, insurance premiums, operating charges, maintenance charges, construction costs and other charges, costs and expenses that arise or may be contemplated under any provisions of the ground sublease. In conjunction with the acquisition of the 9300 Wilshire Blvd. property, our subsidiary, Hudson 9300 Wilshire, LLC, assumed a ground lease (expiring August 14, 2032) with an unrelated party. Minimum rent under the ground lease is $0.075 million per year (additional rent under this lease of 6% of gross rentals less minimum rent, as defined in such lease, is not included in this amount). In conjunction with the acquisition of the 222 Kearny Street property, our subsidiary, Hudson 222 Kearny, LLC, assumed a ground lease (expiring June 14, 2054) with an unrelated party. Minimum rent under the ground lease is the greater of $0.975 million per year or 20.0% of the first $8.0 million of the tenant’s “Operating Income” during any “Lease Year,” as such terms are defined in the ground lease. The table below reflects the $0.975 million per year lease payment. The following table provides information regarding our future minimum lease payments at June 30, 2015 under these lease agreements The table only includes the minimum base rents.
2015 (six months ending December 31, 2015) | $ | 5,905 |
2016 | 12,765 |
2017 | 12,765 |
2018 | 14,956 |
2019 | 14,956 |
Thereafter | 617,161 |
Total | $ | 678,508 |

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