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Leases
 6 Months Ended
Jun. 30, 2025
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, 2025 and 2024:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Leasing revenue—fixed payments$178,173 $152,876 $357,037 $297,591 
Leasing revenue—variable payments55,350 46,594 113,691 96,454 
Provision for doubtful accounts(798)(1,509)(2,356)(4,432)
$232,725 $197,961 $468,372 $389,613 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2026$619,104 
2027527,302 
2028433,702 
2029353,449 
2030268,603 
Thereafter963,751 
$3,165,911 
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.
The following table summarizes the lease costs for the three and six months ended June 30, 2025 and 2024:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Operating lease costs$3,480 $3,275 $6,751 $6,537 
Finance lease costs:
   Amortization of ROU assets— 487 7 975 
   Interest on lease liabilities— 73 10 215 
$3,480 $3,835 $6,768 $7,727 
The following table summarizes the future rental payments required under the leases:        
June 30, 2025
Year ending December 31,Operating
Leases
2025$6,081 
202612,116 
202712,224 
20289,106 
20296,908 
Thereafter76,408 
Total undiscounted rental payments122,843 
Less imputed interest(51,301)
Total lease liabilities$71,542 
Weighted average remaining term23.8 years
Weighted average incremental borrowing rate6.8 %
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, 2025 and 2024:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Leasing revenue—fixed payments$178,173 $152,876 $357,037 $297,591 
Leasing revenue—variable payments55,350 46,594 113,691 96,454 
Provision for doubtful accounts(798)(1,509)(2,356)(4,432)
$232,725 $197,961 $468,372 $389,613 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30, 
2026$619,104 
2027527,302 
2028433,702 
2029353,449 
2030268,603 
Thereafter963,751 
$3,165,911 
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.
The following table summarizes the lease costs for the three and six months ended June 30, 2025 and 2024:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Operating lease costs$3,480 $3,275 $6,751 $6,537 
Finance lease costs:
   Amortization of ROU assets— 487 7 975 
   Interest on lease liabilities— 73 10 215 
$3,480 $3,835 $6,768 $7,727 
The following table summarizes the future rental payments required under the leases:        
June 30, 2025
Year ending December 31,Operating
Leases
2025$6,081 
202612,116 
202712,224 
20289,106 
20296,908 
Thereafter76,408 
Total undiscounted rental payments122,843 
Less imputed interest(51,301)
Total lease liabilities$71,542 
Weighted average remaining term23.8 years
Weighted average incremental borrowing rate6.8 %