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
2016	$	347,551
2017	328,659
2018	310,051
2019	282,296
2020	249,528
Thereafter	6,654,870
	$	8,172,955

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
2016	$	5,032
2017	4,987
2018	4,819
2019	4,313
2020	4,306
Thereafter	34,346
	$	57,803

Rent expense for the leasehold interests, including discontinued operations, was $868, $919 and $1,284 in 2015, 2014 and 2013, 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. In addition, the Company leases office space for its regional offices. The minimum lease payments for the Company's offices are $467 for 2016, $1,243 for 2017, $1,224 for 2018, $1,224 for 2019 and $1,224 for 2020 and $6,795 thereafter. Rent expense for 2015, 2014 and 2013 was $1,435, $1,356 and $1,338, respectively.