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):
| 2004 | $ 31,245 |
| 2005 | 26,191 |
| 2006 | 21,830 |
| 2007 | 21,897 |
| 2008 | 22,087 |
| Thereafter | 23,885 |
| Total | $ 147,135 |
Contingent revenues for the year ended June 30, 2003, were $3.0 million.
State as Lessee
Obligations under capital and operating leases as of June 30, 2003, were as follows (amounts in thousands):
| Noncancelable | Capital | |
|---|---|---|
| Operating Leases | Leases | |
| 2004 | $ 33,372 | $ 11,642 |
| 2005 | 27,475 | 8,579 |
| 2006 | 18,525 | 7,683 |
| 2007 | 13,393 | 7,354 |
| 2008 | 9,804 | 6,391 |
| 2009-2013 | 21,107 | 27,921 |
| 2014-2018 | - | 10,167 |
| 2019-2023 | - | 6,147 |
| 2024-2028 | - | 6,118 |
| 2029-2033 | - | 3,650 |
| Total minimum lease payments | $ 123,676 | 95,652 |
| Less: Amount representing interest costs | 27,664 | |
| Present value of minimum lease payments | $ 67,988 | |
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, 2003, totaled $44.7 million.