Leases

12 Months Ended

Dec. 31, 2017

Operating Leased Assets [Line Items]

Leases

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
2018	$	354,240
2019	333,463
2020	304,651
2021	284,114
2022	265,346
Thereafter	2,114,450
	$	3,656,264

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
2018	$	4,330
2019	3,887
2020	3,886
2021	3,829
2022	3,893
Thereafter	28,727
	$	48,552

Rent expense for the leasehold interests was $690, $987 and $868 in 2017, 2016 and 2015, 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 $1,298 for 2018, $1,294 for 2019, $1,297 for 2020, $1,325 for 2021 and $1,336 for 2022 and $4,238 thereafter. Rent expense for 2017, 2016 and 2015 was $1,256, $1,242 and $1,435, respectively.

LCIF [Member]

Operating Leased Assets [Line Items]

Leases

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
2018	$	73,224
2019	68,794
2020	63,719
2021	59,332
2022	54,811
Thereafter	534,397
	$	854,277

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 Partnership held, and may in the future hold, 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 Partnership as additional rent. As of December 31, 2017, the Partnership had no leasehold interests.

Rent expense for the leasehold interests was $171, $286 and $307 in 2017, 2016, and 2015, respectively.