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Future Minimum Rents and Lease Payments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:

Year Ended			Non-cancellable						Subject to Early Termination Options						Total (1)
Remaining 2022			$	483,617					$	3,950					$	487,567
2023			621,372						3,040						624,412
2024			562,145						5,546						567,691
2025			453,287						40,912						494,199
2026			402,529						52,915						455,444
Thereafter			1,520,167						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.

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 March 31, 2022:

Year						Lease Payments(1)
Remaining 2022						$	17,208
2023						22,743
2024						22,725
2025						22,753
2026						22,434
Thereafter						556,820
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.

Rental Expense

The following table summarizes rental expense for operating leases:

			Three Months Ended March 31,
			2022						2021
Variable rental expense			$	1,730					$	2,249
Minimum rental expense			$	6,524					$	4,991

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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X

- 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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