State as Lessor
The State leases building space, land, and equipment to private individuals. The minimum future lease revenues for the next five years and thereafter are as follows (amounts in thousands):
| 2003 | 31,917 |
| 2004 | 31,661 |
| 2005 | 26,208 |
| 2006 | 21,957 |
| 2007 | 22,313 |
| Thereafter | 4,470 |
| Total | $ 138,526 |
Contingent revenues for the year ended June 30, 2002, were $2.9 million.
State as Lessee
Obligations under capital and operating leases as of June 30, 2002, were as follows (amounts in thousands):
| Noncancelable | Capital | |
|---|---|---|
| Operating Leases | Leases | |
| 2003 | $ 20,581 | $ 14,150 |
| 2004 | 20,269 | 10,413 |
| 2005 | 17,357 | 8,347 |
| 2006 | 13,619 | 7,464 |
| 2007 | 8,235 | 7,189 |
| 2008-2012 | 23,825 | 28,965 |
| 2013-2017 | - | 14,184 |
| 2018-2022 | - | 6,150 |
| 2023-2027 | - | 6,124 |
| 2028-2032 | - | 4,870 |
| Total minimum lease payments | $ 103,886 | 107,856 |
| Less: Amount representing interest costs | 30,960 | |
| Present value of minimum lease payments | $ 76,896 | |
Minimum capital lease payments were discounted using an interest rate of approximately 6 percent.
Rental and lease payments for equipment charged to expenditures during the year ended June 30, 2002, totaled $43.7 million.