NOTE 10 – LEASES

The following table sets forth the future minimum rental payments, by calendar year, required under existing operating leases and digital projector equipment leases payable to DCIP that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2016:


	Minimum operating
(In thousands)	lease payments
2017	$	666,740
2018		658,484
2019		621,822
2020		584,854
2021		534,731
Thereafter		3,141,377
Total minimum payments required	$	6,208,008

As of December 31, 2016, the Company has lease agreements for eight theatres with 77 screens which are under construction or development and are expected to open from 2017 to 2019.

Included in other long-term liabilities as of December 31, 2016 and December 31, 2015 was $325,201,000 and $206,265,000 respectively, of deferred rent representing future minimum rental payments for leases with scheduled rent increases and landlord contributions, and $216,581,000 and $140,440,000, respectively, for unfavorable lease liabilities.

Rent expense is summarized as follows:


	Year Ended		Year Ended		Year Ended
		December 31,		December 31,		December 31,
(In thousands)	2016		2015		2014
Minimum rentals	$	440,511	$	405,455	$	395,795
Common area expenses		51,029		47,950		48,159
Percentage rentals based on revenues		13,923		14,417		11,285
Rent		505,463		467,822		455,239
General and administrative and other		7,615		7,224		7,763
Total	$	513,078	$	475,046	$	463,002