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Leases
 6 Months Ended
Jun. 30, 2021
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2021202020212020
Leasing revenue—fixed payments$131,512 $150,292 $263,007 $306,339 
Leasing revenue—variable payments56,360 46,239 107,608 101,826 
Recovery of (provision for) doubtful accounts9,115 (27,777)5,907 (28,690)
$196,987 $168,754 $376,522 $379,475 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2022$386,588 
2023344,928 
2024291,702 
2025236,750 
2026190,709 
Thereafter547,608 
$1,998,285 

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 five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2021202020212020
Operating lease costs$3,814 $3,701 $7,629 $7,639 
Finance lease costs:
   Amortization of ROU assets478 476 956 951 
   Interest on lease liabilities124 142 343 284 
$4,416 $4,319 $8,928 $8,874 
The following table summarizes the future rental payments required under the leases:
June 30, 2021December 31, 2020
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2021$7,671 $10,785 $14,695 $10,785 
202214,883 2,762 14,558 2,762 
20239,076 344 8,746 344 
20247,094 3,085 6,759 3,085 
20257,136 — 6,796 — 
Thereafter116,918 — 116,660 — 
Total undiscounted rental payments162,778 16,976 168,214 16,976 
Less imputed interest(91,855)(1,701)(94,375)(599)
Total lease liabilities$70,923 $15,275 $73,839 $16,377 
Weighted average remaining term34.8 years0.6 years34.5 years1.1 years
Weighted average incremental borrowing rate7.7 %3.7 %7.7 %3.7 %
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2021202020212020
Leasing revenue—fixed payments$131,512 $150,292 $263,007 $306,339 
Leasing revenue—variable payments56,360 46,239 107,608 101,826 
Recovery of (provision for) doubtful accounts9,115 (27,777)5,907 (28,690)
$196,987 $168,754 $376,522 $379,475 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2022$386,588 
2023344,928 
2024291,702 
2025236,750 
2026190,709 
Thereafter547,608 
$1,998,285 

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 five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2021202020212020
Operating lease costs$3,814 $3,701 $7,629 $7,639 
Finance lease costs:
   Amortization of ROU assets478 476 956 951 
   Interest on lease liabilities124 142 343 284 
$4,416 $4,319 $8,928 $8,874 
The following table summarizes the future rental payments required under the leases:
June 30, 2021December 31, 2020
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2021$7,671 $10,785 $14,695 $10,785 
202214,883 2,762 14,558 2,762 
20239,076 344 8,746 344 
20247,094 3,085 6,759 3,085 
20257,136 — 6,796 — 
Thereafter116,918 — 116,660 — 
Total undiscounted rental payments162,778 16,976 168,214 16,976 
Less imputed interest(91,855)(1,701)(94,375)(599)
Total lease liabilities$70,923 $15,275 $73,839 $16,377 
Weighted average remaining term34.8 years0.6 years34.5 years1.1 years
Weighted average incremental borrowing rate7.7 %3.7 %7.7 %3.7 %