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Future Minimum Rents and Lease Payments
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Future Minimum Rents and Lease Payments Future Minimum Rents and Lease Payments
The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2022 to 2040.
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 December 31, 2021:
Year EndedNon-cancellableSubject to Early Termination Options
Total(1)
2022$639,339 $5,512 $644,851 
2023603,242 4,701 607,943 
2024538,909 9,111 548,020 
2025396,862 44,591 441,453 
2026338,190 54,485 392,675 
Thereafter1,300,088 186,923 1,487,011 
TOTAL
$3,816,630 $305,323 $4,121,953 
_____________
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 14 ground leases, three facility leases and two office leases as of December 31, 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 December 31, 2021, the present value of the remaining contractual payments of $628.7 million under the Company’s operating lease agreements was $293.6 million. The corresponding operating lease right-of-use assets amounted to $287.0 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 December 31, 2021:
For the Year Ended December 31,
Lease Payments(1)
2022$21,191 
202320,994 
202420,977 
202521,004 
202620,685 
Thereafter523,877 
Total operating lease payments628,728 
Less: interest portion(335,132)
PRESENT VALUE OF OPERATING LEASE LIABILITY$293,596 
_____________ 
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:

For the Year Ended December 31,
202120202019
Variable rental expense$10,405 $8,944 $9,193 
Minimum rental expense$21,482 $19,964 $19,900 
Future Minimum Rents and Lease Payments Future Minimum Rents and Lease Payments
The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2022 to 2040.
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 December 31, 2021:
Year EndedNon-cancellableSubject to Early Termination Options
Total(1)
2022$639,339 $5,512 $644,851 
2023603,242 4,701 607,943 
2024538,909 9,111 548,020 
2025396,862 44,591 441,453 
2026338,190 54,485 392,675 
Thereafter1,300,088 186,923 1,487,011 
TOTAL
$3,816,630 $305,323 $4,121,953 
_____________
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 14 ground leases, three facility leases and two office leases as of December 31, 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 December 31, 2021, the present value of the remaining contractual payments of $628.7 million under the Company’s operating lease agreements was $293.6 million. The corresponding operating lease right-of-use assets amounted to $287.0 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 December 31, 2021:
For the Year Ended December 31,
Lease Payments(1)
2022$21,191 
202320,994 
202420,977 
202521,004 
202620,685 
Thereafter523,877 
Total operating lease payments628,728 
Less: interest portion(335,132)
PRESENT VALUE OF OPERATING LEASE LIABILITY$293,596 
_____________ 
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:

For the Year Ended December 31,
202120202019
Variable rental expense$10,405 $8,944 $9,193 
Minimum rental expense$21,482 $19,964 $19,900