Operating Leases |
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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):
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. |