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8. Operating Leases and Subleases
The Company entered into amendments to its South San Francisco, CA facility leases in June 2010. These amendments extend the lease terms through May 2020 and the Company may extend the terms for two additional five-year periods. The leases are for two buildings of approximately 110,000 and 40,000 square feet.
The Company leases its South San Francisco, California, facilities under a non-cancelable operating lease. Future minimum lease payments under this lease, exclusive of executory costs, at December 31, 2011, were as follows:
|
|
|
|
|
|
(in thousands) |
|
|
|
|
Years ending December 31: |
|
|
|
|
|
2012 |
|
$ |
5,429 |
|
|
2013 |
|
|
5,029 |
|
|
2014 |
|
|
4,859 |
|
|
2015 |
|
|
5,005 |
|
|
2016 |
|
|
5,156 |
|
|
Thereafter |
|
|
18,806 |
|
| |
|
|
|
|
Total |
|
$ |
44,284 |
|
| |
|
|
|
Expenses and income associated with operating leases were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
(in thousands) |
|
2011 |
|
2010 |
|
2009 |
|
|
Rent expense |
|
$ |
6,702 |
|
$ |
6,779 |
|
$ |
6,559 |
|
|
Sublease income, net |
|
|
(637 |
) |
|
(622 |
) |
|
(580 |
) |
As of December 31, 2011, the Company expects to receive up to $0.2 million of minimum rentals through the end of a non-cancelable sublease in March 2012. |