12. Leases and Contingencies

The Company operates parking facilities under operating leases expiring on various dates. Certain of the leases contain options to renew at the Company's discretion. Total future annual rent expense is not determinable as a portion of such future rent is contingent based on revenues of the parking facilities.

At December 31, 2014, the Company's minimum rental commitments, excluding contingent rent provisions and sublease income under all non-cancellable operating leases, are as follows:

2015	$	182,457
2016		134,903
2017		110,774
2018		82,119
2019		64,693
2020 and thereafter		218,887

	$	793,832

(1)	$41,828 is included in 2015's minimum commitments for leases that expire in less than one year.

Rent expense, including contingent rents, was $330,823, $326,814 and $173,502 in 2014, 2013 and 2012, respectively. Contingent rent expense was $139,743, $133,877and $79,552 in 2014, 2013 and 2012, respectively. Contingent rent expense consists primarily of percentage rent payments, which will cease at various times as certain leases expire. Future sublease income under all non-cancellable operating leases was $26,663 as of December 31, 2014.

The Company accrued contingent payment obligations outstanding under the previous business combination accounting pronouncement of $254 (on an undiscounted basis), as of December 31, 2013. Such contingent payments have been accounted for as additional purchase price as all performance criteria have been achieved for the respective year. All contingent payment obligations under the previous business combination accounting pronouncement have been satisfied as of December 31, 2014. Additionally. The Company has recorded a contingency obligation for acquisitions subsequent to the adoption of the most recent guidance on business combinations, in the amount of $272 and $1,537, as of December 31, 2014 and 2013, respectively.

The Company has contractual provisions under certain lease contracts to complete structural or other improvements to leased properties and incur repair costs, including improvements and repairs arising as a result of ordinary wear and tear. The Company evaluates the nature of those costs when incurred and either capitalizes the costs as leasehold improvements, as applicable, or recognizes the costs as repair expenses within Cost of Parking Services-Leases within the Consolidated Statements of Income.