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Future Minimum Rents and Lease Payments
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Future Minimum Rents and Lease Payments (Lessor) Future Minimum Rents and Lease Payments
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 June 30, 2021:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2021
$311,520 $3,714 $315,234 
2022594,199 16,171 610,370 
2023548,483 23,475 571,958 
2024486,552 18,290 504,842 
2025347,429 54,345 401,774 
Thereafter1,514,190 206,961 1,721,151 
TOTAL$3,802,373 $322,956 $4,125,329 
_____________ 
1.Excludes rents under leases at the Company’s studio properties with terms of one year or less.

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of thirteen ground leases, one office lease and one fitness facility lease as of June 30, 2021. The Company’s operating lease obligations have expiration dates ranging from 2023 through 2067, including extension options which the Company is reasonably certain to exercise. Certain leases provide for variable rental payments based on third-party appraisals of fair market land value, CPI adjustments or a percentage of annual gross income. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value.

As of June 30, 2021, the present value of the remaining contractual payments of $605.9 million under the Company’s operating lease agreements was $274.4 million. The corresponding operating lease right-of-use assets amounted to $268.5 million.
The following table provides information regarding the Company’s future minimum lease payments for its operating leases (including the impact of the extension options which the Company is reasonably certain to exercise) as of June 30, 2021:
Year
Lease Payments1
Remaining 2021
$9,666 
202219,341 
202319,129 
202419,096 
202519,109 
Thereafter519,518 
Total operating lease payments
605,859 
Less: interest portion(331,451)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$274,408 
_____________ 
1.Future minimum lease payments for operating leases denominated in Canadian dollars are translated to U.S. dollars using the exchange rate in effect as of the financial statement date.

The following table summarizes rental expense for operating leases:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Variable rental expense$2,494 $2,100 $5,108 $4,256 
Minimum rental expense$5,551 $4,991 $10,542 $9,982 
Future Minimum Rents and Lease Payments (Lessee) Future Minimum Rents and Lease Payments
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 June 30, 2021:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2021
$311,520 $3,714 $315,234 
2022594,199 16,171 610,370 
2023548,483 23,475 571,958 
2024486,552 18,290 504,842 
2025347,429 54,345 401,774 
Thereafter1,514,190 206,961 1,721,151 
TOTAL$3,802,373 $322,956 $4,125,329 
_____________ 
1.Excludes rents under leases at the Company’s studio properties with terms of one year or less.

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of thirteen ground leases, one office lease and one fitness facility lease as of June 30, 2021. The Company’s operating lease obligations have expiration dates ranging from 2023 through 2067, including extension options which the Company is reasonably certain to exercise. Certain leases provide for variable rental payments based on third-party appraisals of fair market land value, CPI adjustments or a percentage of annual gross income. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value.

As of June 30, 2021, the present value of the remaining contractual payments of $605.9 million under the Company’s operating lease agreements was $274.4 million. The corresponding operating lease right-of-use assets amounted to $268.5 million.
The following table provides information regarding the Company’s future minimum lease payments for its operating leases (including the impact of the extension options which the Company is reasonably certain to exercise) as of June 30, 2021:
Year
Lease Payments1
Remaining 2021
$9,666 
202219,341 
202319,129 
202419,096 
202519,109 
Thereafter519,518 
Total operating lease payments
605,859 
Less: interest portion(331,451)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$274,408 
_____________ 
1.Future minimum lease payments for operating leases denominated in Canadian dollars are translated to U.S. dollars using the exchange rate in effect as of the financial statement date.

The following table summarizes rental expense for operating leases:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Variable rental expense$2,494 $2,100 $5,108 $4,256 
Minimum rental expense$5,551 $4,991 $10,542 $9,982