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Future Minimum Rents and Lease Payments (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Future Minimum Base Rents Receivable

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 Ended						Non-cancellable						Subject to Early Termination Options						Total(1)
2022						$	639,339					$	5,512					$	644,851
2023						603,242						4,701						607,943
2024						538,909						9,111						548,020
2025						396,862						44,591						441,453
2026						338,190						54,485						392,675
Thereafter						1,300,088						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.

Future Minimum Lease Payments Due

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
2023						20,994
2024						20,977
2025						21,004
2026						20,685
Thereafter						523,877
Total operating lease payments						628,728
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.

Rental Expense

			For the Year Ended December 31,
			2021						2020						2019
Variable rental expense			$	10,405					$	8,944					$	9,193
Minimum rental expense			$	21,482					$	19,964					$	19,900

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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- References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981

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