Leasing Activity

6 Months Ended

Jun. 30, 2015

4. Leasing activity

The Company leases space in its real estate facilities to tenants primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental revenues, excluding recovery of operating expenses under these leases, are as follows as of June 30, 2015 (in thousands):



2015	$	136,970
2016		228,471
2017		168,971
2018		119,817
2019		80,736
Thereafter		137,622
Total	$	872,587

In addition to minimum rental payments, certain tenants reimburse the Company for their pro rata share of specified operating expenses. Such reimbursements amounted to $19.9 million and $19.8 million for the three months ended June 30, 2015 and 2014, respectively, and $40.0 million and $40.8 million for the six months ended June 30, 2015 and 2014, respectively. These amounts are included as rental income in the accompanying consolidated statements of income.

Leases accounting for 4.2% of total leased square footage are subject to termination options, of which 1.1% of total leased square footage have termination options exercisable through December 31, 2015 (unaudited). In general, these leases provide for termination payments should the termination options be exercised. The future minimum rental revenues in the above table assume such options are not exercised.