Table of Contents WEWORK COMPANIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2018 Note 23. Commitments and Contingencies Lease Commitments— Operating Leases Future minimum rental payments under operating leases, inclusive of escalation clauses and exclusive of contingent rent payments, that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2018 are as follows: (Amounts in thousands) Total 2019 $ 1,380,418 2020 1,895,554 2021 2,102,426 2022 2,212,941 2023 2,273,717 2024 and beyond 24,100,363 Total minimum payments $33,965,419 Capital Leases The Company’s assets subject to capital leases had a gross carrying value of $44.4 million and accumulated amortization of $8.5 million as of December 31, 2018. Future minimum payments with respect to obligations under the Company’s capital leases as of December 31, 2018 are as follows: (Amounts in thousands) Total 2019 $ 5,616 2020 5,673 2021 5,772 2022 5,901 2023 6,033 2024 and beyond 44,977 Total minimum payments 73,972 Less amount representing interest (21,229) Present value of net minimum obligations 52,743 Less current portion (1,958) Long-term portion $ 50,785 Credit Agreement—In November 2015, the Company amended and restated its credit facility to provide up to $650.0 million in revolving loans and letters of credit, subject to certain financial covenants. In August 2016, March 2017, November 2017, June 2018, and August 2018, the Company executed amendments to the credit agreement which amended certain of the financial and other covenants. In November 2017 and as amended in August 2018, the Company entered into a new letter of credit facility pursuant to the letter of credit reimbursement agreement, that provides for an additional $500.0 million in availability of standby letters of credit. The revolving loans and letters of credit under the credit agreement and the letter of credit reimbursement agreement will terminate in November 2020. F-59