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Future Minimum Rents and Lease Payments | 9 Months Ended
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Sep. 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 September 30, 2021:
Year Ended | Non-cancellable |  | Subject to Early Termination Options |  | Total (1)
Remaining 2021 | $ | 158,243 |  |  | $ | 881 |  |  | $ | 159,124 |
2022 | 615,780 |  |  | 11,754 |  |  | 627,534 |
2023 | 568,759 |  |  | 11,326 |  |  | 580,085 |
2024 | 507,086 |  |  | 15,811 |  |  | 522,897 |
2025 | 367,238 |  |  | 51,373 |  |  | 418,611 |
Thereafter | 1,570,644 |  |  | 209,267 |  |  | 1,779,911 |
TOTAL | $ | 3,787,750 |  |  | $ | 300,412 |  |  | $ | 4,088,162 |
_____________ 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 13 ground leases, three facility leases and two office leases as of September 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 September 30, 2021, the present value of the remaining contractual payments of $608.4 million under the Company’s operating lease agreements was $280.2 million. The corresponding operating lease right-of-use assets amounted to $274.0 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 September 30, 2021:
Year |  | Lease Payments(1)
Remaining 2021 |  | $ | 5,162 |
2022 |  | 20,656 |
2023 |  | 20,448 |
2024 |  | 20,420 |
2025 |  | 20,437 |
Thereafter |  | 521,237 |
Total operating lease payments |  | 608,360 |
Less: interest portion |  | (328,150) |
PRESENT VALUE OF OPERATING LEASE LIABILITIES |  | $ | 280,210 |
_____________ 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 September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Variable rental expense | $ | 2,765 |  |  | $ | 2,427 |  |  | $ | 7,873 |  |  | $ | 6,683 |
Minimum rental expense | $ | 5,421 |  |  | $ | 4,991 |  |  | $ | 15,963 |  |  | $ | 14,973 |
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 September 30, 2021:
Year Ended | Non-cancellable |  | Subject to Early Termination Options |  | Total (1)
Remaining 2021 | $ | 158,243 |  |  | $ | 881 |  |  | $ | 159,124 |
2022 | 615,780 |  |  | 11,754 |  |  | 627,534 |
2023 | 568,759 |  |  | 11,326 |  |  | 580,085 |
2024 | 507,086 |  |  | 15,811 |  |  | 522,897 |
2025 | 367,238 |  |  | 51,373 |  |  | 418,611 |
Thereafter | 1,570,644 |  |  | 209,267 |  |  | 1,779,911 |
TOTAL | $ | 3,787,750 |  |  | $ | 300,412 |  |  | $ | 4,088,162 |
_____________ 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 13 ground leases, three facility leases and two office leases as of September 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 September 30, 2021, the present value of the remaining contractual payments of $608.4 million under the Company’s operating lease agreements was $280.2 million. The corresponding operating lease right-of-use assets amounted to $274.0 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 September 30, 2021:
Year |  | Lease Payments(1)
Remaining 2021 |  | $ | 5,162 |
2022 |  | 20,656 |
2023 |  | 20,448 |
2024 |  | 20,420 |
2025 |  | 20,437 |
Thereafter |  | 521,237 |
Total operating lease payments |  | 608,360 |
Less: interest portion |  | (328,150) |
PRESENT VALUE OF OPERATING LEASE LIABILITIES |  | $ | 280,210 |
_____________ 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 September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Variable rental expense | $ | 2,765 |  |  | $ | 2,427 |  |  | $ | 7,873 |  |  | $ | 6,683 |
Minimum rental expense | $ | 5,421 |  |  | $ | 4,991 |  |  | $ | 15,963 |  |  | $ | 14,973 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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