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Leases
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and 2022:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Leasing revenue—fixed payments$141,247 $135,048 $281,753 $270,257 
Leasing revenue—variable payments50,782 52,099 108,298 120,869 
Recovery of doubtful accounts, net624 1,443 1,647 876 
$192,653 $188,590 $391,698 $392,002 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2024$410,047 
2025345,032 
2026278,745 
2027219,212 
2028164,721 
Thereafter520,209 
$1,937,966 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, 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, 2023 and 2022:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Operating lease costs$3,290 $3,775 $7,084 $7,550 
Finance lease costs:
   Amortization of ROU assets484 482 969 963 
   Interest on lease liabilities92 108 260 302 
$3,866 $4,365 $8,313 $8,815 
The following table summarizes the future rental payments required under the leases:        
June 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$5,999 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments135,600 13,328 168,621 13,328 
Less imputed interest(58,839)(1,916)(86,315)(723)
Total lease liabilities$76,761 $11,412 $82,306 $12,605 
Weighted average remaining term24.1 years1.2 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %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 and six months ended June 30, 2023 and 2022:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Leasing revenue—fixed payments$141,247 $135,048 $281,753 $270,257 
Leasing revenue—variable payments50,782 52,099 108,298 120,869 
Recovery of doubtful accounts, net624 1,443 1,647 876 
$192,653 $188,590 $391,698 $392,002 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2024$410,047 
2025345,032 
2026278,745 
2027219,212 
2028164,721 
Thereafter520,209 
$1,937,966 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, 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, 2023 and 2022:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Operating lease costs$3,290 $3,775 $7,084 $7,550 
Finance lease costs:
   Amortization of ROU assets484 482 969 963 
   Interest on lease liabilities92 108 260 302 
$3,866 $4,365 $8,313 $8,815 
The following table summarizes the future rental payments required under the leases:        
June 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$5,999 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments135,600 13,328 168,621 13,328 
Less imputed interest(58,839)(1,916)(86,315)(723)
Total lease liabilities$76,761 $11,412 $82,306 $12,605 
Weighted average remaining term24.1 years1.2 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %