Leases

3 Months Ended

Mar. 31, 2024

The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of March 31, 2024, the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:


	Three Months Ended March 31,
Supplemental Statements of Operations Information	2024		2023
Operating lease costs	$	282	$	1,411

Variable lease costs	116		139
Total lease costs	$	398	$	1,550

	Three Months Ended March 31,
Supplemental Statements of Cash Flows Information	2024		2023
Operating cash outflows from operating leases	$	1,513	$	1,514
ROU assets obtained in exchange for operating lease liabilities	—		23
ROU asset reduction due to dispositions, held for sale, and lease modifications	(6,581)		—

Operating Lease Liabilities	As of March 31, 2024
Future minimum operating lease payments:
2024 (remaining nine months)	$	1,680
2025	4,204
2026	3,314
2027	2,120
2028	2,052
2029	1,975
Thereafter	29,044
Total future minimum operating lease payments	44,389
Less: imputed interest	(15,966)

Operating lease liabilities	$	28,423

Supplemental Balance Sheets Information	As of March 31, 2024		As of December 31, 2023
Operating lease liabilities(1)(2)	$	28,423	$	36,105
ROU assets(1)(3)	27,685		32,350

(1)As of March 31, 2024 and December 31, 2023, the weighted average remaining lease term was 19.3 years and 16.0 years, respectively, and the weighted average discount rate was 4.39% and 4.48%, respectively.

(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2024, the Company executed a lease agreement for office space which is expected to commence in the second quarter of 2024. Total lease payments for the office space are $3.9 million and the lease expires in July 2027. As of March 31, 2024 there were no other material leases that have been executed but not yet commenced.