Leases

Lessor:

Minimum future rental receipts under the non-cancelable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter are as follows:



Year ending December 31,	Total
2015	$	341,950
2016	327,046
2017	300,418
2018	275,572
2019	248,604
Thereafter	6,203,163
	$	7,696,753

The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.

Lessee:

The Company holds, through property owner subsidiaries, leasehold interests in various properties. Generally, the ground rents on these properties are either paid directly by the tenants to the fee holder or reimbursed to the Company as additional rent. Certain properties are economically owned through the holding of industrial revenue bonds and as such neither ground lease payments nor bond debt service payments are made or received, respectively. For certain of these properties, the Company has an option to purchase the fee interest.

Minimum future rental payments under non-cancelable leasehold interests, excluding leases held through industrial revenue bonds and lease payments in the future that are based upon fair market value, for the next five years and thereafter are as follows:



Year ending December 31,	Total
2015	$	5,137
2016	4,927
2017	4,880
2018	4,664
2019	4,134
Thereafter	37,963
	$	61,705

Rent expense for the leasehold interests, including discontinued operations, was $919, $1,284 and $1,198 in 2014, 2013 and 2012, respectively.

The Company leases its corporate headquarters. The lease expires March 2026. The Company is responsible for its proportionate share of operating expenses and real estate taxes above a base year. As an incentive to enter the lease, the Company received a payment of $845 which it is amortizing as a reduction of rent expense. In addition, the Company leases office space for its regional offices. The minimum lease payments for the Company's offices are $1,261 for 2015, $506 for 2016, $1,256 for 2017, $1,224 for 2018 and $1,224 for 2019 and $8,019 thereafter. Rent expense for 2014, 2013 and 2012 was $1,356, $1,338 and $1,029, respectively.