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Future Minimum Rents and Lease Payments
 6 Months Ended
Jun. 30, 2024
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 2024 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, 2024:
YearAmount
Remaining 2024
$288,174 
2025502,770 
2026452,398 
2027397,368 
2028331,781 
Thereafter833,471 
TOTAL$2,805,962 

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, seven office leases and 17 other leases as of June 30, 2024. The Company’s operating lease obligations have expiration dates ranging from 2024 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, 2024, the present value of the remaining contractual payments of $694.5 million under the Company’s operating lease agreements was $378.8 million. The corresponding operating lease right-of-use assets amounted to $363.8 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, 2024:
Year
Lease Payments(1)
Remaining 2024
$20,690 
202540,513 
202638,937 
202736,265 
202834,364 
Thereafter523,743 
Total operating lease payments
694,512 
Less: interest portion(315,727)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$378,785 
__________________ 
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,
2024202320242023
Variable rental expense$2,754 $3,384 $4,857 $6,387 
Minimum rental expense$11,313 $11,093 $22,632 $22,180 
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 2024 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, 2024:
YearAmount
Remaining 2024
$288,174 
2025502,770 
2026452,398 
2027397,368 
2028331,781 
Thereafter833,471 
TOTAL$2,805,962 

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, seven office leases and 17 other leases as of June 30, 2024. The Company’s operating lease obligations have expiration dates ranging from 2024 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, 2024, the present value of the remaining contractual payments of $694.5 million under the Company’s operating lease agreements was $378.8 million. The corresponding operating lease right-of-use assets amounted to $363.8 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, 2024:
Year
Lease Payments(1)
Remaining 2024
$20,690 
202540,513 
202638,937 
202736,265 
202834,364 
Thereafter523,743 
Total operating lease payments
694,512 
Less: interest portion(315,727)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$378,785 
__________________ 
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,
2024202320242023
Variable rental expense$2,754 $3,384 $4,857 $6,387 
Minimum rental expense$11,313 $11,093 $22,632 $22,180