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Future Minimum Rents and Lease Payments (Tables) | 3 Months Ended
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Mar. 31, 2019
Lessee, Lease, Description [Line Items] |
Schedule of future minimum base rents | The following table summarizes the future minimum base rents (excluding tenant reimbursements for operating expenses and termination fees related to tenants exercising early termination options) for properties as of March 31, 2019:
Year Ended | Non-Cancellable |  | Subject to Early Termination Options |  | Total (1)
Remaining 2019 | $ | 410,310 |  | $ | 2,728 |  | $ | 413,038
2020 | 530,493 |  | 14,245 |  | 544,738
2021 | 496,431 |  | 34,147 |  | 530,578
2022 | 453,315 |  | 39,098 |  | 492,413
2023 | 421,940 |  | 37,598 |  | 459,538
Thereafter | 2,052,986 |  | 86,069 |  | 2,139,055
TOTAL | $ | 4,365,475 |  | $ | 213,885 |  | $ | 4,579,360
_____________ 3.Excludes rents under leases at the Company’s studio properties with terms of one year or less.
Summary of ground lease terms | The following table summarizes the Company’s ground lease terms related to properties that are held subject to long-term non-cancellable ground lease obligations as of March 31, 2019:
Property |  | Expiration Date |  | Notes
3400 Hillview |  | 10/31/2040 |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent until October 31, 2017 is the lesser of 10% of Fair Market Value (“FMV”) of the land or $1.0 million grown at 75% of the cumulative increases in consumer price index (“CPI”) from October 1989. Thereafter, minimum annual rent, which resets annually, is the lesser of 10% of FMV of the land or the minimum annual rent as calculated as of November 1, 2017 plus 75% of subsequent cumulative CPI changes. The minimum annual rent cannot be less than a set amount. Percentage annual rent is gross income multiplied by 24.125%.
Clocktower Square |  | 9/26/2056 |  | The ground rent is minimum annual rent (adjusted every 10 years) plus 25% of adjusted gross income (“AGI”). Minimum rent adjustments adds 60% of the average annual participation rent payable over five years. Annual participation is the excess of 25% of AGI over the minimum annual rent for a given lease year.
Del Amo |  | 6/30/2049 |  | 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.
Ferry Building |  | Various |  | The land on which the building is situated is subject to a ground lease agreement that expires on April 1, 2067. The minimum annual rent (adjusted every 5 years) is the prior year’s minimum annual rent plus cumulative increase in CPI with a floor of 10% and a cap of 20%. Additionally, the parking lot is subject to a separate ground lease agreement that expires on April 1, 2023. The minimum annual rent adjusts each year for changes in CPI with a floor of 2% and a cap of 4%. The parking lot is subject to automatic renewals for 10-year periods at market.
Foothill Research Center |  | 6/30/2039 |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent, which resets annually, is the lesser of 10% of FMV of the land or the previous year’s minimum annual rent plus 75% of CPI increase. The minimum annual rent cannot be less than a set amount. Percentage annual rent is gross income multiplied by 24.125%.
3176 Porter |  | 7/31/2040 |  | The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent, which resets annually, is the lesser of 10% of FMV of the land or the previous year’s minimum annual rent plus 75% of CPI increase. Percentage annual rent is Lockheed’s base rent multiplied by 24.125%. The minimum annual rent cannot be less than a set amount.
Metro Center |  | 4/29/2054 |  | Every 10 years rent adjusts to 7.233% of FMV of the land (since 2008) and adjusts to reflect the change in CPI from the preceding FMV adjustment date (since 2013). The CPI adjustment has a floor of the previous minimum rent. The Company has an option to extend the ground lease for four additional periods of 11 years each.
Page Mill Center |  | 11/30/2041 |  | The ground rent is minimum annual rent (adjusted on January 1, 2019 and January 1, 2029) plus 25% of AGI, less minimum annual rent. Minimum rent adjustments adds 60% of the average annual participation rent payable over five years. Annual participation is the excess of 25% of AGI over the minimum annual rent for a given lease year.
Page Mill Hill |  | 11/17/2049 |  | The ground rent is minimum annual rent (adjusted every 10 years) plus 60% of the average of the percentage annual rent for the previous 7 lease years. Minimum rent adjustments add 60% of the average annual percentage rent for the previous 7 years.
Palo Alto Square |  | 11/30/2045 |  | The ground rent is minimum annual rent (adjusted every 10 years starting January 1, 2022) plus 25% of AGI less minimum annual rent. The minimum annual rent adjustments add 50% of the average annual percentage rent from the previous 5 years.
Sunset Gower Studios |  | 3/31/2060 |  | Every 7 years rent adjusts to 7.5% of FMV of the land.
Techmart |  | 5/31/2053 |  | Rent subject to a 10% increase every 5 years. The Company has an option to extend the ground lease for two additional periods of 10 years each. This extension option was not included in the calculation of the right of use asset and lease liability.
Schedule of rent expense | The following table summarizes rental expense for ground leases as follows:
| Three Months Ended March 31, |  |
| 2019 |  | 2018
Contingent rental expense | $ | 2,514 |  | $ | 3,095
Minimum rental expense | $ | 4,603 |  | $ | 3,337
Ground Lease |
Lessee, Lease, Description [Line Items] |
Schedule of future minimum lease payments | The following table provides information regarding the Company’s future minimum lease payments for its ground leases (before the impact of extension options, if applicable) as of March 31, 2019:
Year |  | Lease Payments(1)
Remaining 2019 |  | $ | 13,808
2020 |  | 18,411
2021 |  | 18,411
2022 |  | 18,411
2023 |  | 18,489
Thereafter |  | 501,924
TOTAL |  | $ | 589,454
_________________ 1.In situations where ground lease obligation adjustments are based on third-party appraisals of fair market land value, CPI adjustments and/or percentage of gross income that exceeds the minimum annual rent, the future minimum lease amounts above include the lease rental obligations in effect as of March 31, 2019.

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