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Leases

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2023						2022						2023						2022
Leasing revenue—fixed payments			$	142,344					$	139,261					$	424,097					$	409,518
Leasing revenue—variable payments			54,735						55,624						163,033						176,493
Recovery of doubtful accounts, net			226						709						1,873						1,585
			$	197,305					$	195,594					$	589,003					$	587,596

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

Twelve months ending September 30,
2024						$	407,380
2025						340,531
2026						275,457
2027						211,498
2028						160,525
Thereafter						545,805
						$	1,941,196

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 2025.

The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2023						2022						2023						2022
Operating lease costs			$	3,262					$	3,788					$	10,346					$	11,338
Finance lease costs:
Amortization of ROU assets			487						483						1,456						1,446
Interest on lease liabilities			81						100						341						402
			$	3,830					$	4,371					$	12,143					$	13,186

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

						September 30, 2023												December 31, 2022
Year ending December 31,						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2023						$	3,173					$	2,450					$	12,255					$	2,450
2024						11,391						9,478						11,563						9,478
2025						11,574						1,400						11,746						1,400
2026						11,691						—						11,864						—
2027						11,862						—						12,035						—
Thereafter						83,083						—						109,158						—
Total undiscounted rental payments						132,774						13,328						168,621						13,328
Less imputed interest						(57,652)						(2,724)						(86,315)						(723)
Total lease liabilities						$	75,122					$	10,604					$	82,306					$	12,605
Weighted average remaining term						24.1 years						0.9 years						32.3 years						1.7 years
Weighted average incremental borrowing rate						7.1		%				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 nine months ended September 30, 2023 and 2022:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2023						2022						2023						2022
Leasing revenue—fixed payments			$	142,344					$	139,261					$	424,097					$	409,518
Leasing revenue—variable payments			54,735						55,624						163,033						176,493
Recovery of doubtful accounts, net			226						709						1,873						1,585
			$	197,305					$	195,594					$	589,003					$	587,596

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

Twelve months ending September 30,
2024						$	407,380
2025						340,531
2026						275,457
2027						211,498
2028						160,525
Thereafter						545,805
						$	1,941,196

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 2025.

The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2023						2022						2023						2022
Operating lease costs			$	3,262					$	3,788					$	10,346					$	11,338
Finance lease costs:
Amortization of ROU assets			487						483						1,456						1,446
Interest on lease liabilities			81						100						341						402
			$	3,830					$	4,371					$	12,143					$	13,186

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

						September 30, 2023												December 31, 2022
Year ending December 31,						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2023						$	3,173					$	2,450					$	12,255					$	2,450
2024						11,391						9,478						11,563						9,478
2025						11,574						1,400						11,746						1,400
2026						11,691						—						11,864						—
2027						11,862						—						12,035						—
Thereafter						83,083						—						109,158						—
Total undiscounted rental payments						132,774						13,328						168,621						13,328
Less imputed interest						(57,652)						(2,724)						(86,315)						(723)
Total lease liabilities						$	75,122					$	10,604					$	82,306					$	12,605
Weighted average remaining term						24.1 years						0.9 years						32.3 years						1.7 years
Weighted average incremental borrowing rate						7.1		%				3.6		%				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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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X

- Definition

The entire disclosure for lessor's operating leases.

+ References

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

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