Lease Agreements

12 Months Ended

Dec. 31, 2014

Lease Agreements

Lease Agreements

The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenant are in effect at certain Sites for 26 of the Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. Future minimum rents are scheduled to be received under non-cancelable tenant leases at December 31, 2014 are as follows (amounts in thousands):

Year	Amount
2015	$	62,392
2016	63,537
2017	25,291
2018	12,465
2019	11,954
Thereafter	38,230
Total	$	213,869

Operating Leases

We have operating leases covering office space expiring at various dates through 2023. As leases expire, it can be expected that certain leases will be renewed or replaced in the normal course of business. We also lease land under non-cancelable operating leases at certain of the Properties expiring in various years from 2015 to 2054. The majority of the lease terms require twelve equal payments per year plus additional rents calculated as a percentage of gross revenues. For the years ended December 31, 2014, 2013, and 2012 total operating lease payments for office space and rent due under ground leases, aggregated $3.7 million, $5.1 million, and $4.6 million, respectively. The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2014 (amounts in thousands):

	Total		2015		2016		2017		2018		2019		Thereafter
Office Rent Lease	$	13,692	$	1,862	$	1,961	$	1,993	$	2,039	$	1,925	$	3,912
Ground Lease	19,438		1,941		1,948		1,955		1,955		1,963		9,676
Total Operating Leases	$	33,130	$	3,803	$	3,909	$	3,948	$	3,994	$	3,888	$	13,588