Leases

Laureate conducts a significant portion of its operations from leased facilities. These facilities include our corporate headquarters, other office locations, and many of Laureate’s higher education facilities. The terms of these operating leases vary and generally contain renewal options. Some of the operating leases provide for increasing rents over the terms of the leases. Laureate also leases certain equipment under noncancellable operating leases, which are typically for terms of 60 months or less. Total rent expense under these leases is recognized ratably over the initial term of each lease. Any difference between the rent payment and the straight-line expense is recorded as an adjustment to the liability or as a prepaid asset.

Laureate has entered into sublease agreements for certain leased office space. These agreements allow us to annually adjust rental income to be received for increases in gross operating rent and related expenses.

Future minimum lease payments and sublease income at December 31, 2017, by year and in the aggregate, under all noncancellable operating leases and subleases are as follows:



	Lease Payments		Sublease Income
2018	$	201,905	$	121
2019	185,498		81
2020	172,386		—
2021	158,789		—
2022	146,960		—
Thereafter	632,169		—
Total	$	1,497,707	$	202

Included in the table above are approximately $101,000 and $50 of future minimum lease payments and sublease income, respectively, related to subsidiaries that are classified as assets held for sale as of December 31, 2017.

Rent expense, net of sublease income, for all cancellable and noncancellable leases was $219,432, $216,309 and $234,003 for the years ended December 31, 2017, 2016 and 2015, respectively.