XML 55 R41.htm IDEA: XBRL DOCUMENT v3.21.2
Future Minimum Rents and Lease Payments (Tables)
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
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 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.
Schedule of future minimum lease payments for ground leases
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.
Schedule of rental expense for ground leases
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