Annual report pursuant to Section 13 and 15(d)

Tenant Leases

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Tenant Leases
12 Months Ended
Dec. 31, 2013
Tenant Leases [Abstract]  
Tenant Leases

14.  TENANT LEASES

 

The Properties are leased to tenants under operating leases with various expiration dates through 2033.  Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass‑through of charges for electrical usage.

 

Future minimum rentals to be received under non-cancelable commercial operating leases at December 31, 2013 are as follows (dollars in thousands):

 

 

 

 

 

 

 

Year

 

Amount

2014

$

505,794 

2015

 

457,096 

2016

 

412,904 

2017

 

361,221 

2018

 

277,600 

2019 and thereafter

 

1,078,234 

 

 

 

Total

$

3,092,849 

 

 

 

 

 

Multi-family rental property residential leases are excluded from the above table as they generally expire within one year.