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Future Minimum Rents and Lease Payments
 9 Months Ended
Sep. 30, 2025
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 2025 to 2045.

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 September 30, 2025:
YearAmount
Remaining 2025
$126,959 
2026494,278 
2027438,496 
2028369,955 
2029299,596 
Thereafter834,103 
TOTAL$2,563,387 

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 10 ground leases, six sound stage leases, four office leases and 16 other leases as of September 30, 2025. The weighted average remaining lease term was 22 years as of September 30, 2025. The weighted average incremental borrowing rate used to calculate the right-of-use (“ROU”) assets and lease liabilities was 5.7% as of September 30, 2025. The Company’s operating lease obligations have expiration dates ranging from 2026 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 September 30, 2025, the present value of the remaining contractual payments of $644.0 million under the Company’s operating lease agreements was $350.7 million. The corresponding operating lease ROU assets amounted to $338.4 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 September 30, 2025:
Year
Lease Payments(1)
Remaining 2025
$9,036 
202636,642 
202736,131 
202835,374 
202933,158 
Thereafter493,614 
Total operating lease payments
643,955 
Less: interest portion(293,219)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$350,736 
__________________ 
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 September 30,Nine Months Ended September 30,
2025202420252024
Variable rental expense$1,612 $2,586 $4,066 $7,443 
Minimum rental expense$10,525 $11,507 $38,539 $34,140 
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 2025 to 2045.

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 September 30, 2025:
YearAmount
Remaining 2025
$126,959 
2026494,278 
2027438,496 
2028369,955 
2029299,596 
Thereafter834,103 
TOTAL$2,563,387 

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 10 ground leases, six sound stage leases, four office leases and 16 other leases as of September 30, 2025. The weighted average remaining lease term was 22 years as of September 30, 2025. The weighted average incremental borrowing rate used to calculate the right-of-use (“ROU”) assets and lease liabilities was 5.7% as of September 30, 2025. The Company’s operating lease obligations have expiration dates ranging from 2026 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 September 30, 2025, the present value of the remaining contractual payments of $644.0 million under the Company’s operating lease agreements was $350.7 million. The corresponding operating lease ROU assets amounted to $338.4 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 September 30, 2025:
Year
Lease Payments(1)
Remaining 2025
$9,036 
202636,642 
202736,131 
202835,374 
202933,158 
Thereafter493,614 
Total operating lease payments
643,955 
Less: interest portion(293,219)
PRESENT VALUE OF OPERATING LEASE LIABILITIES$350,736 
__________________ 
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 September 30,Nine Months Ended September 30,
2025202420252024
Variable rental expense$1,612 $2,586 $4,066 $7,443 
Minimum rental expense$10,525 $11,507 $38,539 $34,140