Future Minimum Rent (Tables)

12 Months Ended

Dec. 31, 2016

Future contractual minimum rent under operating lease

Future contractual minimum rent under operating leases as of December 31, 2016 for future periods is summarized as follows:



Year Ending	(in thousands)
2017	$	538,269
2018	537,891
2019	493,998
2020	424,791
2021	370,941
Thereafter	1,901,303
Total ⁽¹⁾	$	4,267,193

The minimum commitment under our ground leases as of December 31, 2016 for five years and thereafter is as follows:



Year Ending	(in thousands)
2017	$	4,934
2018	4,934
2019	4,934
2020	4,934
2021	4,934
Thereafter	231,402
Total^{(1)(2)(3)(4)(5)}	$	256,072

________________________

(1) Excludes contingent future rent payments based on gross income or adjusted gross income and reflects the minimum ground lease obligations before the impact of ground lease extension options.

(2)

One of our ground lease obligations is subject to a fair market value adjustment every five years; however, the lease includes ground rent subprotection and infrastructure rent credits which currently limit our annual rental obligations to $1.0 million. The contractual obligations for that ground lease included above assumes the lesser of $1.0 million or annual lease rental obligation in effect as of December 31, 2016.


(3)	One of our ground lease obligations includes a component which is based on the percentage of gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every five years based on 50% of the average annual percentage rent for the previous five years.


(4)	One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations included above assume the annual lease rental obligation in effect as of December 31, 2016.


(5)	One of our ground lease obligations includes a component which is based on the percentage of adjusted gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every 10 years by an amount equal to 60% of the average annual percentage rent for the previous three years.