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Future Minimum Rents and Lease Payments
 12 Months Ended
Dec. 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 2023 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, 2022:
For the Year Ended December 31,Non-cancellableSubject to Early Termination Options
Total(1)
2023$637,662 $1,019 $638,681 
2024592,404 3,737 596,141 
2025453,932 38,572 492,504 
2026391,510 47,659 439,169 
2027325,477 54,287 379,764 
Thereafter1,170,616 121,205 1,291,821 
TOTAL
$3,571,601 $266,479 $3,838,080 
_____________
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 12 ground leases, 10 sound stage leases, six office leases and 17 other leases as of December 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 December 31, 2022, the present value of the remaining contractual payments of $745.4 million under the Company’s operating lease agreements was $399.8 million. The corresponding operating lease right-of-use assets amounted to $401.1 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, 2022:
For the Year Ended December 31,
Lease Payments(1)
2023$39,054 
202439,261 
202539,485 
202637,879 
202735,184 
Thereafter554,525 
Total operating lease payments745,388 
Less: interest portion(345,587)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$399,801 
_____________ 
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:

For the Year Ended December 31,
202220212020
Variable rental expense$9,854 $10,405 $8,944 
Minimum rental expense$31,003 $21,482 $19,964 
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 2023 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, 2022:
For the Year Ended December 31,Non-cancellableSubject to Early Termination Options
Total(1)
2023$637,662 $1,019 $638,681 
2024592,404 3,737 596,141 
2025453,932 38,572 492,504 
2026391,510 47,659 439,169 
2027325,477 54,287 379,764 
Thereafter1,170,616 121,205 1,291,821 
TOTAL
$3,571,601 $266,479 $3,838,080 
_____________
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 12 ground leases, 10 sound stage leases, six office leases and 17 other leases as of December 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 December 31, 2022, the present value of the remaining contractual payments of $745.4 million under the Company’s operating lease agreements was $399.8 million. The corresponding operating lease right-of-use assets amounted to $401.1 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, 2022:
For the Year Ended December 31,
Lease Payments(1)
2023$39,054 
202439,261 
202539,485 
202637,879 
202735,184 
Thereafter554,525 
Total operating lease payments745,388 
Less: interest portion(345,587)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$399,801 
_____________ 
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:

For the Year Ended December 31,
202220212020
Variable rental expense$9,854 $10,405 $8,944 
Minimum rental expense$31,003 $21,482 $19,964