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Future Minimum Rents and Lease Payments
 6 Months Ended
Jun. 30, 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 June 30, 2022:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2022
$325,859 $2,084 $327,943 
2023630,153 2,252 632,405 
2024566,960 4,928 571,888 
2025421,529 40,735 462,264 
2026357,658 53,424 411,082 
Thereafter1,346,758 187,697 1,534,455 
TOTAL$3,648,917 $291,120 $3,940,037 
_____________ 
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, four facility leases and three office leases as of June 30, 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 June 30, 2022, the present value of the remaining contractual payments of $641.9 million under the Company’s operating lease agreements was $307.1 million. The corresponding operating lease right-of-use assets amounted to $299.7 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 June 30, 2022:
Year
Lease Payments(1)
Remaining 2022
$11,398 
202322,729 
202422,721 
202522,758 
202622,449 
Thereafter539,799 
Total operating lease payments
641,854 
Less: interest portion(334,782)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$307,072 
_____________ 
1.Future minimum lease payments for operating leases denominated in a foreign currency 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 June 30,Six Months Ended June 30,
2022202120222021
Variable rental expense$2,381 $2,494 $4,486 $5,108 
Minimum rental expense$6,131 $5,551 $12,281 $10,542 
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 June 30, 2022:
Year EndedNon-cancellableSubject to Early Termination Options
Total (1)
Remaining 2022
$325,859 $2,084 $327,943 
2023630,153 2,252 632,405 
2024566,960 4,928 571,888 
2025421,529 40,735 462,264 
2026357,658 53,424 411,082 
Thereafter1,346,758 187,697 1,534,455 
TOTAL$3,648,917 $291,120 $3,940,037 
_____________ 
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, four facility leases and three office leases as of June 30, 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 June 30, 2022, the present value of the remaining contractual payments of $641.9 million under the Company’s operating lease agreements was $307.1 million. The corresponding operating lease right-of-use assets amounted to $299.7 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 June 30, 2022:
Year
Lease Payments(1)
Remaining 2022
$11,398 
202322,729 
202422,721 
202522,758 
202622,449 
Thereafter539,799 
Total operating lease payments
641,854 
Less: interest portion(334,782)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$307,072 
_____________ 
1.Future minimum lease payments for operating leases denominated in a foreign currency 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 June 30,Six Months Ended June 30,
2022202120222021
Variable rental expense$2,381 $2,494 $4,486 $5,108 
Minimum rental expense$6,131 $5,551 $12,281 $10,542