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Leases
 9 Months Ended
Sep. 30, 2024
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, 2024 and 2023:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Leasing revenue—fixed payments$152,357 $142,344 $449,948 $424,097 
Leasing revenue—variable payments51,231 54,735 147,685 163,033 
(Provision for) recovery of doubtful accounts(140)226 (4,572)1,873 
$203,448 $197,305 $593,061 $589,003 
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2025$499,128 
2026418,767 
2027331,539 
2028260,793 
2029198,847 
Thereafter845,133 
$2,554,207 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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 three finance leases that expire at various times through 2030.
The following table summarizes the lease costs for the three and nine months ended September 30, 2024 and 2023:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Operating lease costs$3,281 $3,262 $9,818 $10,346 
Finance lease costs:
   Amortization of ROU assets103 487 1,078 1,456 
   Interest on lease liabilities24 81 239 341 
$3,408 $3,830 $11,135 $12,143 
The following table summarizes the future rental payments required under the leases:        
September 30, 2024December 31, 2023
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2024$3,222 $751 $11,442 $9,478 
202511,626 1,744 11,626 1,400 
202611,743 344 11,743 — 
202711,914 344 11,914 — 
20288,303 344 8,303 — 
Thereafter74,831 1,573 74,831 — 
Total undiscounted rental payments121,639 5,100 129,859 10,878 
Less imputed interest(53,014)(692)(56,475)(273)
Total lease liabilities$68,625 $4,408 $73,384 $10,605 
Weighted average remaining term24.3 years2.8 years24.1 years0.7 years
Weighted average incremental borrowing rate7.2 %2.8 %7.1 %3.6 %
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, 2024 and 2023:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Leasing revenue—fixed payments$152,357 $142,344 $449,948 $424,097 
Leasing revenue—variable payments51,231 54,735 147,685 163,033 
(Provision for) recovery of doubtful accounts(140)226 (4,572)1,873 
$203,448 $197,305 $593,061 $589,003 
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2025$499,128 
2026418,767 
2027331,539 
2028260,793 
2029198,847 
Thereafter845,133 
$2,554,207 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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 three finance leases that expire at various times through 2030.
The following table summarizes the lease costs for the three and nine months ended September 30, 2024 and 2023:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Operating lease costs$3,281 $3,262 $9,818 $10,346 
Finance lease costs:
   Amortization of ROU assets103 487 1,078 1,456 
   Interest on lease liabilities24 81 239 341 
$3,408 $3,830 $11,135 $12,143 
The following table summarizes the future rental payments required under the leases:        
September 30, 2024December 31, 2023
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2024$3,222 $751 $11,442 $9,478 
202511,626 1,744 11,626 1,400 
202611,743 344 11,743 — 
202711,914 344 11,914 — 
20288,303 344 8,303 — 
Thereafter74,831 1,573 74,831 — 
Total undiscounted rental payments121,639 5,100 129,859 10,878 
Less imputed interest(53,014)(692)(56,475)(273)
Total lease liabilities$68,625 $4,408 $73,384 $10,605 
Weighted average remaining term24.3 years2.8 years24.1 years0.7 years
Weighted average incremental borrowing rate7.2 %2.8 %7.1 %3.6 %