Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies:

The Company has certain properties subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Rent expenses were $17,709, $18,442 and $16,495 for the years ended December 31, 2018, 2017 and 2016, respectively. No contingent rent was incurred for the years ended December 31, 2018, 2017 or 2016.

Minimum future rental payments required under the leases are as follows:



Year Ending December 31,
2019	$	16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
	$	220,336

As of December 31, 2018, the Company was contingently liable for $65,814 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2018, the Company had $8,360 in outstanding obligations, which it believes will be settled in the next twelve months.