(a) In General.—Except as provided in subsection (b), not later than December 31 of each year following the date of enactment of this subchapter, a Federal agency with independent leasing authority shall submit to the Council a list of all leases, including operating leases, in effect on the date of enactment of this subchapter that includes—

(1) the date on which each lease was executed;

(2) the date on which each lease will expire;

(3) a description of the size of the space;

(4) the location of the property;

(5) the tenant agency;

(6) the total annual rental payment; and

(7) the amount of the net present value of the total estimated legal obligations of the Federal Government over the life of the contract.


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Terms Used In 40 USC 624

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

(b) Exception.—Subsection (a) shall not apply to—

(1) the United States Postal Service; or

(2) any other property the Director excludes from subsection (a) for reasons of national security.

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