SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 12. Shareholder Rights Note 13. Lease Commitments SHENANDOAH TELECOMMUNICATIONS COMPANY ■  34 As lessor, the Company has leased buildings, tower space and telecommunications equipment to other entities under various non-cancelable agreements, which require various minimum annual payments. The total minimum rental receipts at December 31, 2003 are as follows: The Company’s total rent expense from continuing operations for each of the previous three years was $4.4 million in 2003, $3.4 million in 2002, and $2.4 million in 2001. Future minimum lease payments under non-cancelable operating leases with initial variable lease terms in excess of one year as of December 31, 2003 are as follows: The Company leases land, buildings and tower space under various non-cancelable agreements, which expire between 2004 and 2043 and require various minimum annual rental payments. The leases generally contain certain renewal options for periods ranging from 5 to 20 years. The Board of Directors adopted a Shareholder Rights Plan in 1998, whereby, under certain circumstances, holders of each right (granted in 1998 at one right per share of outstanding stock) will be entitled to purchase $80 worth of the Company’s common stock for $40. The rights are neither exercisable nor traded separately from the Company’s common stock. The rights are only exercisable if a person or group becomes or attempts to become, the beneficial owner of 15% or more of the Company’s common stock. Under the terms of the Plan, such a person or group is not entitled to the benefits of the rights. Year Ending Amount (in thousands) 2004 $ 3,216 2005 2,544 2006 2,072 2007 1,327 2008 902 2009 and beyond 2,531 $ 12,592 Year Ending Amount (in thousands) 2004 $ 2,988 2005 2,759 2006 1,563 2007 1,126 2008 448 2009 and beyond 448 $ 9,332