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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 7. Leases Lessor Accounting All of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance ("Recoverable Costs"). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property. (ii) Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:
(in thousands) |  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Operating lease income |  |  |  |  |  |  |  |  |
Fixed and in-substance fixed lease income |  | $ | 851,409 |  |  |  | 797,502 |  |  |  | 807,603 |
Variable lease income |  |  | 287,149 |  |  |  | 262,619 |  |  |  | 247,384 |
Other lease related income, net: |  |  |  |  |  |  |  |  |
Above/below market rent and tenant rent inducement amortization, net |  |  | 22,543 |  |  |  | 24,539 |  |  |  | 42,219 |
Uncollectible straight-line rent (1) |  |  | 12,510 |  |  |  | 5,227 |  |  |  | (34,673 | )
Uncollectible amounts billable in lease income (1) |  |  | 13,841 |  |  |  | 23,481 |  |  |  | (82,367 | )
Total lease income |  | $ | 1,187,452 |  |  |  | 1,113,368 |  |  |  | 980,166 |
(1) During the years ended December 31, 2022 and 2021, the Company had improved rent collections following lifting of pandemic-related restrictions which resulted in more favorable income than experienced in 2020 during the height of the pandemic. Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:
(in thousands) |  |  |
For the year ended December 31, |  | December 31, 2022 |
2023 |  | $ | 850,211 |
2024 |  |  | 768,797 |
2025 |  |  | 657,870 |
2026 |  |  | 552,735 |
2027 |  |  | 440,844 |
Thereafter |  |  | 1,579,740 |
Total |  | $ | 4,850,197 |
Lessee Accounting The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center. The Company has 19 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2101, and in most cases, provide for renewal options. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2029, and in many cases, provide for renewal options. The ground and office lease expense is recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods. Operating lease expense under the Company's ground and office leases was as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:
(in thousands) |  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Fixed operating lease expense |  |  |  |  |  |  |  |  |
Ground leases |  | $ | 13,759 |  |  |  | 13,862 |  |  |  | 13,716 |
Office leases |  |  | 4,162 |  |  |  | 4,309 |  |  |  | 4,334 |
Total fixed operating lease expense |  |  | 17,921 |  |  |  | 18,171 |  |  |  | 18,050 |
Variable lease expense |  |  |  |  |  |  |  |  |
Ground leases |  |  | 1,591 |  |  |  | 1,032 |  |  |  | 1,044 |
Office leases |  |  | 611 |  |  |  | 615 |  |  |  | 585 |
Total variable lease expense |  |  | 2,202 |  |  |  | 1,647 |  |  |  | 1,629 |
Total lease expense |  | $ | 20,123 |  |  |  | 19,818 |  |  |  | 19,679 |
Cash paid for amounts included in the measurement of operating lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 14,656 |  |  |  | 15,165 |  |  |  | 15,003 |
The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2022, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:
(in thousands) |  | Lease Liabilities |
For the year ended December 31, |  | Ground Leases |  |  | Office Leases |  |  | Total |
2023 |  | $ | 10,750 |  |  |  | 4,046 |  |  |  | 14,796 |
2024 |  |  | 10,799 |  |  |  | 3,082 |  |  |  | 13,881 |
2025 |  |  | 10,801 |  |  |  | 2,880 |  |  |  | 13,681 |
2026 |  |  | 10,722 |  |  |  | 2,715 |  |  |  | 13,437 |
2027 |  |  | 10,722 |  |  |  | 1,517 |  |  |  | 12,239 |
Thereafter |  |  | 516,564 |  |  |  | 741 |  |  |  | 517,305 |
Total undiscounted lease liabilities |  | $ | 570,358 |  |  |  | 14,981 |  |  |  | 585,339 |
Present value discount |  |  | (370,486 | ) |  |  | (1,131 | ) |  |  | (371,617 | )
Lease liabilities |  | $ | 199,872 |  |  |  | 13,850 |  |  |  | 213,722 |
Weighted average discount rate |  |  | 5.2 | % |  |  | 3.6 | % |  |  |
Weighted average remaining term (in years) |  |  | 46.8 |  |  |  | 4.4 |  |  |  |

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