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Operating Leases
12 Months Ended
Dec. 31, 2016
Leases [Abstract]  
Operating Leases

9. Operating Leases

Our rental properties are subject to generally non-cancelable operating leases generating future minimum contractual rent payments due from tenants.  As of December 31, 2016, future non-cancelable minimum contractual rent payments are as follows (dollars in thousands):

 

 

 

Payments due by period

 

 

 

Total

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

Thereafter

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum lease payments

 

$

475,020

 

 

 

74,467

 

 

 

71,727

 

 

 

64,877

 

 

 

57,199

 

 

 

46,680

 

 

 

160,070

 

 

The Company’s consolidated properties were 100% occupied by 22 tenants at December 31, 2016 and 100% occupied by 19 tenants at December 31, 2015.  

 

On June 18, 2016, the Company was awarded a lease for a 65,810 square foot Food and Drug Administration (FDA) laboratory in Alameda, CA. The FDA - Alameda laboratory will be leased to the General Services Administration (GSA) for a 20-year term, beginning upon completion of development of the property.

 

For the year ended December 31, 2016 we recognized $85.8 million in rental income attributable to base rent, $7.2 million in rental income attributable to the amortization of our above- and below-market leases, $0.1 million in rental income attributable to the amortization of unearned revenue and a straight-line adjustment of $0.3 million.

For the year ended December 31, 2015 we recognized $59.9 million in rental income attributable to base rent, $4.9 million in rental income attributable to the amortization of our above- and below-market leases and a straight-line adjustment of $0.2 million.