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Leases
 3 Months Ended
Mar. 31, 2022
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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Leasing revenue—fixed payments$135,209 $131,495 
Leasing revenue—variable payments68,770 51,248 
Provision for doubtful accounts, net(567)(3,208)
$203,412 $179,535 
The following table summarizes the future rental payments to the Company:
Twelve months ending March 31, 
2023$366,783 
2024322,512 
2025262,720 
2026214,103 
2027165,702 
Thereafter473,307 
$1,805,127 

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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Operating lease costs$3,775 $3,815 
Finance lease costs:
   Amortization of ROU assets481 478 
   Interest on lease liabilities194 219 
$4,450 $4,512 
The following table summarizes the future rental payments required under the leases:
March 31, 2022December 31, 2021
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$11,352 $4,461 $14,302 $4,461 
202411,876 2,043 8,452 2,043 
202511,054 9,072 6,471 9,072 
202611,231 — 6,513 — 
202711,343 — 6,470 — 
Thereafter120,534 — 109,358 — 
Total undiscounted rental payments177,390 15,576 151,566 15,576 
Less imputed interest(90,111)(1,619)(85,383)(1,048)
Total lease liabilities$87,279 $13,957 $66,183 $14,528 
Weighted average remaining term32.0 years1.9 years36.3 years2.1 years
Weighted average incremental borrowing rate7.3 %3.7 %7.8 %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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Leasing revenue—fixed payments$135,209 $131,495 
Leasing revenue—variable payments68,770 51,248 
Provision for doubtful accounts, net(567)(3,208)
$203,412 $179,535 
The following table summarizes the future rental payments to the Company:
Twelve months ending March 31, 
2023$366,783 
2024322,512 
2025262,720 
2026214,103 
2027165,702 
Thereafter473,307 
$1,805,127 

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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Operating lease costs$3,775 $3,815 
Finance lease costs:
   Amortization of ROU assets481 478 
   Interest on lease liabilities194 219 
$4,450 $4,512 
The following table summarizes the future rental payments required under the leases:
March 31, 2022December 31, 2021
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$11,352 $4,461 $14,302 $4,461 
202411,876 2,043 8,452 2,043 
202511,054 9,072 6,471 9,072 
202611,231 — 6,513 — 
202711,343 — 6,470 — 
Thereafter120,534 — 109,358 — 
Total undiscounted rental payments177,390 15,576 151,566 15,576 
Less imputed interest(90,111)(1,619)(85,383)(1,048)
Total lease liabilities$87,279 $13,957 $66,183 $14,528 
Weighted average remaining term32.0 years1.9 years36.3 years2.1 years
Weighted average incremental borrowing rate7.3 %3.7 %7.8 %3.7 %