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Leases

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022:

									For the Three Months Ended March 31,
															2023						2022
Leasing revenue—fixed payments															$	140,506					$	135,209
Leasing revenue—variable payments															57,516						68,770
Recovery of (provision for) doubtful accounts, net															1,023						(567)
															$	199,045					$	203,412

The following table summarizes the future rental payments to the Company:

Twelve months ending March 31,
2024						$	419,064
2025						353,530
2026						285,314
2027						229,072
2028						172,565
Thereafter						536,251
						$	1,995,796

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, 2023 and 2022:

									For the Three Months Ended March 31,
															2023						2022
Operating lease costs															$	3,794					$	3,775
Finance lease costs:
Amortization of ROU assets															485						481
Interest on lease liabilities															168						194
															$	4,447					$	4,450

The following table summarizes the future rental payments required under the leases:        

						March 31, 2023												December 31, 2022
Year ending December 31,						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2023						$	8,629					$	2,450					$	12,255					$	2,450
2024						11,563						9,478						11,563						9,478
2025						11,746						1,400						11,746						1,400
2026						11,864						—						11,864						—
2027						12,035						—						12,035						—
Thereafter						109,158						—						109,158						—
Total undiscounted rental payments						164,995						13,328						168,621						13,328
Less imputed interest						(85,001)						(1,316)						(86,315)						(723)
Total lease liabilities						$	79,994					$	12,012					$	82,306					$	12,605
Weighted average remaining term						32.5 years						1.4 years						32.3 years						1.7 years
Weighted average incremental borrowing rate						7.5		%				3.7		%				7.4		%				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, 2023 and 2022:

									For the Three Months Ended March 31,
															2023						2022
Leasing revenue—fixed payments															$	140,506					$	135,209
Leasing revenue—variable payments															57,516						68,770
Recovery of (provision for) doubtful accounts, net															1,023						(567)
															$	199,045					$	203,412

The following table summarizes the future rental payments to the Company:

Twelve months ending March 31,
2024						$	419,064
2025						353,530
2026						285,314
2027						229,072
2028						172,565
Thereafter						536,251
						$	1,995,796

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, 2023 and 2022:

									For the Three Months Ended March 31,
															2023						2022
Operating lease costs															$	3,794					$	3,775
Finance lease costs:
Amortization of ROU assets															485						481
Interest on lease liabilities															168						194
															$	4,447					$	4,450

The following table summarizes the future rental payments required under the leases:        

						March 31, 2023												December 31, 2022
Year ending December 31,						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2023						$	8,629					$	2,450					$	12,255					$	2,450
2024						11,563						9,478						11,563						9,478
2025						11,746						1,400						11,746						1,400
2026						11,864						—						11,864						—
2027						12,035						—						12,035						—
Thereafter						109,158						—						109,158						—
Total undiscounted rental payments						164,995						13,328						168,621						13,328
Less imputed interest						(85,001)						(1,316)						(86,315)						(723)
Total lease liabilities						$	79,994					$	12,012					$	82,306					$	12,605
Weighted average remaining term						32.5 years						1.4 years						32.3 years						1.7 years
Weighted average incremental borrowing rate						7.5		%				3.7		%				7.4		%				3.7		%

X

- References

No definition available.

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X

- 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 https://asc.fasb.org/subtopic&trid=77888251

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X

- Definition

The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=77888252

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Namespace Prefix:	us-gaap_
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