Fannie Mae 2004 Annual Report Download - page 353

Lease Commitments
Certain premises and equipment are leased under agreements that expire at various dates through 2029, none
of which are capital leases. Some of these leases provide for payment by the lessee of property taxes,
insurance premiums, cost of maintenance and other costs. Rental expenses for operating leases were
$38 million, $39 million and $35 million for the years ended December 31, 2004, 2003 and 2002, respectively.
The following table displays the future minimum rental commitments as of December 31, 2004 for all non-
cancelable operating leases:
2004
As of December 31,
(Dollars in millions)
2005.......................................................... $ 32
2006.......................................................... 34
2007.......................................................... 33
2008.......................................................... 22
2009.......................................................... 18
Thereafter ...................................................... 90
Total ........................................................ $229
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FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)