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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2019 and 2018:
| For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
| 2019 |  | 2018 |  | 2019 |  | 2018
Leasing revenue - fixed payments | $ | 159,356 |  |  | $ | 164,351 |  |  | $ | 482,194 |  |  | $ | 494,096 |
Leasing revenue - variable payments | 54,904 |  |  | 59,900 |  |  | 154,096 |  |  | 165,281 |
| $ | 214,260 |  |  | $ | 224,251 |  |  | $ | 636,290 |  |  | $ | 659,377 |
The following table summarizes the future minimum rental payments to the Company:
Twelve months ending September 30, |  |
2020 |  | $ | 490,897 |
2021 |  | 414,722 |
2022 |  | 363,264 |
2023 |  | 313,166 |
2024 |  | 255,316 |
Thereafter |  | 753,888 |
|  | $ | 2,591,253 |
Lessee Leases: The Company has certain properties that are 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. In addition, the Company has four finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three and nine months ended September 30, 2019:
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease costs | $ | 3,466 |  |  | $ | 12,675 |
Finance lease costs: |  |  |
Amortization of ROU assets | 475 |  |  | 1,407 |
Interest on lease liabilities | 145 |  |  | 453 |
| $ | 4,086 |  |  | $ | 14,535 |
The following table summarizes the future minimum rental payments required under the leases:
|  | September 30, 2019 |  |  |  | December 31, 2018 |  |
Year ending |  | Operating Leases |  |  | Finance Leases |  |  | Operating Leases |  |  | Finance Leases |
2019 |  | $ | 4,521 |  |  | $ | 505 |  |  | $ | 16,627 |  |  | $ | 2,106 |
2020 |  | 17,149 |  |  | 2,106 |  |  | 17,183 |  |  | 2,106 |
2021 |  | 17,004 |  |  | 10,440 |  |  | 17,124 |  |  | 10,440 |
2022 |  | 16,867 |  |  | 2,418 |  |  | 17,450 |  |  | 2,418 |
2023 |  | 11,055 |  |  | — |  |  | 11,390 |  |  | — |
Thereafter |  | 140,415 |  |  | — |  |  | 140,562 |  |  | — |
Total undiscounted rental payments |  | 207,011 |  |  | 15,469 |  |  | $ | 220,336 |  |  | $ | 17,070 |
Less imputed interest |  | (104,124) |  |  | (1,673) |  |  |  |  |
Total lease liabilities |  | $ | 102,887 |  |  | $ | 13,796 |  |  |  |  |
The Company's weighted average remaining lease term of its operating and finance leases at September 30, 2019 was 31.0 years and 1.9 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at September 30, 2019 was 7.7% and 4.2%, respectively.
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2019 and 2018:
| For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
| 2019 |  | 2018 |  | 2019 |  | 2018
Leasing revenue - fixed payments | $ | 159,356 |  |  | $ | 164,351 |  |  | $ | 482,194 |  |  | $ | 494,096 |
Leasing revenue - variable payments | 54,904 |  |  | 59,900 |  |  | 154,096 |  |  | 165,281 |
| $ | 214,260 |  |  | $ | 224,251 |  |  | $ | 636,290 |  |  | $ | 659,377 |
The following table summarizes the future minimum rental payments to the Company:
Twelve months ending September 30, |  |
2020 |  | $ | 490,897 |
2021 |  | 414,722 |
2022 |  | 363,264 |
2023 |  | 313,166 |
2024 |  | 255,316 |
Thereafter |  | 753,888 |
|  | $ | 2,591,253 |
Lessee Leases: The Company has certain properties that are 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. In addition, the Company has four finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three and nine months ended September 30, 2019:
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease costs | $ | 3,466 |  |  | $ | 12,675 |
Finance lease costs: |  |  |
Amortization of ROU assets | 475 |  |  | 1,407 |
Interest on lease liabilities | 145 |  |  | 453 |
| $ | 4,086 |  |  | $ | 14,535 |
The following table summarizes the future minimum rental payments required under the leases:
|  | September 30, 2019 |  |  |  | December 31, 2018 |  |
Year ending |  | Operating Leases |  |  | Finance Leases |  |  | Operating Leases |  |  | Finance Leases |
2019 |  | $ | 4,521 |  |  | $ | 505 |  |  | $ | 16,627 |  |  | $ | 2,106 |
2020 |  | 17,149 |  |  | 2,106 |  |  | 17,183 |  |  | 2,106 |
2021 |  | 17,004 |  |  | 10,440 |  |  | 17,124 |  |  | 10,440 |
2022 |  | 16,867 |  |  | 2,418 |  |  | 17,450 |  |  | 2,418 |
2023 |  | 11,055 |  |  | — |  |  | 11,390 |  |  | — |
Thereafter |  | 140,415 |  |  | — |  |  | 140,562 |  |  | — |
Total undiscounted rental payments |  | 207,011 |  |  | 15,469 |  |  | $ | 220,336 |  |  | $ | 17,070 |
Less imputed interest |  | (104,124) |  |  | (1,673) |  |  |  |  |
Total lease liabilities |  | $ | 102,887 |  |  | $ | 13,796 |  |  |  |  |
The Company's weighted average remaining lease term of its operating and finance leases at September 30, 2019 was 31.0 years and 1.9 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at September 30, 2019 was 7.7% and 4.2%, respectively

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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