XML 39 R27.htm IDEA: XBRL DOCUMENT v3.22.1
Future Minimum Rents and Lease Payments
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2022
$483,617 $3,950 $487,567 
2023621,372 3,040 624,412 
2024562,145 5,546 567,691 
2025453,287 40,912 494,199 
2026402,529 52,915 455,444 
Thereafter1,520,167 186,945 1,707,112 
TOTAL$4,043,117 $293,308 $4,336,425 
_____________ 
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 March 31, 2022. 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 March 31, 2022, the present value of the remaining contractual payments of $664.7 million under the Company’s operating lease agreements was $315.4 million. The corresponding operating lease right-of-use assets amounted to $308.4 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 March 31, 2022:
Year
Lease Payments(1)
Remaining 2022
$17,208 
202322,743 
202422,725 
202522,753 
202622,434 
Thereafter556,820 
Total operating lease payments
664,683 
Less: interest portion(349,297)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$315,386 
_____________ 
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 March 31,
20222021
Variable rental expense$1,730 $2,249 
Minimum rental expense$6,524 $4,991 
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 March 31, 2022:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2022
$483,617 $3,950 $487,567 
2023621,372 3,040 624,412 
2024562,145 5,546 567,691 
2025453,287 40,912 494,199 
2026402,529 52,915 455,444 
Thereafter1,520,167 186,945 1,707,112 
TOTAL$4,043,117 $293,308 $4,336,425 
_____________ 
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 March 31, 2022. 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 March 31, 2022, the present value of the remaining contractual payments of $664.7 million under the Company’s operating lease agreements was $315.4 million. The corresponding operating lease right-of-use assets amounted to $308.4 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 March 31, 2022:
Year
Lease Payments(1)
Remaining 2022
$17,208 
202322,743 
202422,725 
202522,753 
202622,434 
Thereafter556,820 
Total operating lease payments
664,683 
Less: interest portion(349,297)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$315,386 
_____________ 
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 March 31,
20222021
Variable rental expense$1,730 $2,249 
Minimum rental expense$6,524 $4,991