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Future Minimum Rents and Lease Payments
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023:
Year Ended
Remaining 2023
$325,038 
2024605,592 
2025509,475 
2026455,109 
2027398,099 
Thereafter1,372,505 
TOTAL$3,665,818 

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 June 30, 2023. 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, 2023, the present value of the remaining contractual payments of $731.3 million under the Company’s operating lease agreements was $395.2 million. The corresponding operating lease right-of-use assets amounted to $393.9 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, 2023:
Year
Lease Payments(1)
Remaining 2023
$19,801 
202439,850 
202540,084 
202638,487 
202735,790 
Thereafter557,316 
Total operating lease payments
731,328 
Less: interest portion(336,158)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$395,170 
_____________ 
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,
2023202220232022
Variable rental expense$3,384 $2,381 $6,387 $4,486 
Minimum rental expense$11,093 $6,131 $22,180 $12,281 
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 June 30, 2023:
Year Ended
Remaining 2023
$325,038 
2024605,592 
2025509,475 
2026455,109 
2027398,099 
Thereafter1,372,505 
TOTAL$3,665,818 

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 June 30, 2023. 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, 2023, the present value of the remaining contractual payments of $731.3 million under the Company’s operating lease agreements was $395.2 million. The corresponding operating lease right-of-use assets amounted to $393.9 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, 2023:
Year
Lease Payments(1)
Remaining 2023
$19,801 
202439,850 
202540,084 
202638,487 
202735,790 
Thereafter557,316 
Total operating lease payments
731,328 
Less: interest portion(336,158)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$395,170 
_____________ 
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,
2023202220232022
Variable rental expense$3,384 $2,381 $6,387 $4,486 
Minimum rental expense$11,093 $6,131 $22,180 $12,281