NOTE 12—LEASES

The following table sets forth the future minimum rental payments, by calendar year, required under existing operating leases and digital projector equipment leases payable to DCIP that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2014:

(In thousands)	Minimum operating lease payments
2015	$	419,273
2016		428,133
2017		408,851
2018		366,120
2019		328,409
Thereafter		1,542,618

Total minimum payments required	$	3,493,404

As of December 31, 2014, the Company has lease agreements for five theatres with 51 screens which are under construction or development and are expected to open in 2015 and 2016.

Included in other long-term liabilities as of December 31, 2014 and December 31, 2013 is $120,184,000 and $55,272,000, respectively, of deferred rent representing future minimum rental payments for leases with scheduled rent increases, and $165,073,000 and $194,233,000, respectively, for unfavorable lease liabilities.

Rent expense is summarized as follows:

(In thousands)	12 Months Ended December 31, 2014		12 Months Ended December 31, 2013		From Inception August 31, 2012 through December 31, 2012		March 30, 2012 through August 30, 2012
	(Successor)		(Successor)		(Successor)		(Predecessor)
Minimum rentals	$	395,795	$	394,937	$	126,529	$	166,220
Common area expenses		48,159		44,198		12,968		17,591
Percentage rentals based on revenues		11,285		12,693		3,877		5,275

Rent		455,239		451,828		143,374		189,086
General and administrative and other		7,763		13,393		3,940		4,207

Total	$	463,002	$	465,221	$	147,314	$	193,293