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Leases | 12 Months Ended
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Dec. 31, 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 of substantially all of the rents 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 years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Leasing revenue - fixed payments | $ | 629,902 |  |  | $ | 570,869 |  |  | $ | 551,459 |
Leasing revenue - variable payments | 226,704 |  |  | 235,455 |  |  | 248,433 |
(Provision for) recovery of doubtful accounts | (6,153) |  |  | 2,699 |  |  | 656 |
| $ | 850,453 |  |  | $ | 809,023 |  |  | $ | 800,548 |
The following table summarizes the future rental payments to the Company:
2025 |  | $ | 584,475 |
2026 |  | 481,460 |
2027 |  | 382,571 |
2028 |  | 304,496 |
2029 |  | 234,401 |
Thereafter |  | 947,504 |
|  | $ | 2,934,907 |
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 years ended December 31, 2024, 2023 and 2022:
|  |  | 2024 |  | 2023 |  | 2022
Operating lease costs |  |  | $ | 13,060 |  |  | $ | 13,608 |  |  | $ | 15,133 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 1,181 |  |  | 1,366 |  |  | 1,930 |
Interest on lease liabilities |  |  | 256 |  |  | 420 |  |  | 499 |
|  |  | $ | 14,497 |  |  | $ | 15,394 |  |  | $ | 17,562 |
The following table summarizes the future rental payments required under the leases as of December 31, 2024:
Year ending |  | Operating Leases |  | Finance Leases |
2025 |  | $ | 11,527 |  |  | $ | 1,744 |  |
2026 |  | 11,640 |  |  | 344 |  |
2027 |  | 11,810 |  |  | 344 |  |
2028 |  | 8,600 |  |  | 344 |  |
2029 |  | 6,402 |  |  | 344 |  |
Thereafter |  | 68,717 |  |  | 1,230 |  |
Total undiscounted rental payments |  | 118,696 |  |  | 4,350 |  |
Less imputed interest |  | (51,421) |  |  | 58 |  |
Total lease liabilities |  | $ | 67,275 |  |  | $ | 4,408 |  |
The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2024 was 24.3 years and 2.6 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2024 was 7.2% and 2.8%, respectively.
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 of substantially all of the rents 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 years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Leasing revenue - fixed payments | $ | 629,902 |  |  | $ | 570,869 |  |  | $ | 551,459 |
Leasing revenue - variable payments | 226,704 |  |  | 235,455 |  |  | 248,433 |
(Provision for) recovery of doubtful accounts | (6,153) |  |  | 2,699 |  |  | 656 |
| $ | 850,453 |  |  | $ | 809,023 |  |  | $ | 800,548 |
The following table summarizes the future rental payments to the Company:
2025 |  | $ | 584,475 |
2026 |  | 481,460 |
2027 |  | 382,571 |
2028 |  | 304,496 |
2029 |  | 234,401 |
Thereafter |  | 947,504 |
|  | $ | 2,934,907 |
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 years ended December 31, 2024, 2023 and 2022:
|  |  | 2024 |  | 2023 |  | 2022
Operating lease costs |  |  | $ | 13,060 |  |  | $ | 13,608 |  |  | $ | 15,133 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 1,181 |  |  | 1,366 |  |  | 1,930 |
Interest on lease liabilities |  |  | 256 |  |  | 420 |  |  | 499 |
|  |  | $ | 14,497 |  |  | $ | 15,394 |  |  | $ | 17,562 |
The following table summarizes the future rental payments required under the leases as of December 31, 2024:
Year ending |  | Operating Leases |  | Finance Leases |
2025 |  | $ | 11,527 |  |  | $ | 1,744 |  |
2026 |  | 11,640 |  |  | 344 |  |
2027 |  | 11,810 |  |  | 344 |  |
2028 |  | 8,600 |  |  | 344 |  |
2029 |  | 6,402 |  |  | 344 |  |
Thereafter |  | 68,717 |  |  | 1,230 |  |
Total undiscounted rental payments |  | 118,696 |  |  | 4,350 |  |
Less imputed interest |  | (51,421) |  |  | 58 |  |
Total lease liabilities |  | $ | 67,275 |  |  | $ | 4,408 |  |
The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2024 was 24.3 years and 2.6 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2024 was 7.2% and 2.8%, respectively.

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- 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 + Details
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- 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 + Details
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