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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 11. Leases As Lessor The Company has approxima tely 1,200 leases in the leasing of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, leased under long-term ground leases (see below) that expire at various dates through December 31, 2121, with renewal options. Certain leases may allow for the tenants to terminate the leases before the expiration of the lease term. Space in the properties is leased to tenants pursuant to agreements that generally provide for terms ranging from one month to sixty years and for additional rents based on certain operating expenses as well as tenants’ sales volumes. The components of rental revenue are as follows (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed lease revenue | $ | 69,366 |  |  | $ | 73,102 |  |  | $ | 138,023 |  |  | $ | 137,984 |
Variable lease revenue |  | 16,260 |  |  |  | 15,039 |  |  |  | 33,640 |  |  |  | 30,894 |
Total rental revenue | $ | 85,626 |  |  | $ | 88,141 |  |  | $ | 171,663 |  |  | $ | 168,878 |
The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of June 30, 2024, are summarized as follows (in thousands):
Year Ending December 31, |  | Minimum Rental Revenues (a) |
2024 (Remainder) |  | $ | 122,128 |
2025 |  |  | 247,728 |
2026 |  |  | 225,695 |
2027 |  |  | 201,243 |
2028 |  |  | 171,544 |
Thereafter |  |  | 670,820 |
Total |  | $ | 1,639,158 |
(a) Amount represents contractual lease maturities as of June 30, 2024 including any extension options that management determined were reasonably certain of exercise. During the three and six months ended June 30, 2024 and 2023, no single tenant or pro perty collectively comprised more than 10% of the Company’s consolidated total revenues. As Lessee The Company has properties in its portfolio that are currently owned by third parties. We also lease real estate for equipment and office space. We lease these properties pursuant to ground leases that provide us the right to operate each such property, and generally provide terms ranging from five months to 98 years.
|  | Minimum Rental Payments |
Year Ending December 31, |  | Operating Leases (a) |  |  | Finance Leases (a) |
2024 (Remainder) |  | $ | 2,723 |  |  | $ | 2,046 |
2025 |  |  | 5,402 |  |  |  | 2,536 |
2026 |  |  | 5,247 |  |  |  | 1,264 |
2027 |  |  | 4,450 |  |  |  | 1,264 |
2028 |  |  | 4,236 |  |  |  | 1,310 |
Thereafter |  |  | 15,967 |  |  |  | 154,017 |
|  |  | 38,025 |  |  |  | 162,437 |
Interest |  |  | (8,061 | ) |  |  | (129,788 | )
Total |  | $ | 29,964 |  |  | $ | 32,649 |
(a) Minimum rental payments include $8.1 million of interest related to operating leases and $129.8 million r elated to finance leases and exclude options or renewals not reasonably certain of exercise. Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 354 |  |  |  | 225 |  |  | $ | 603 |  |  | $ | 451 |
Interest on lease liabilities |  | 512 |  |  |  | 108 |  |  |  | 1,034 |  |  |  | 214 |
Subtotal |  | 866 |  |  |  | 333 |  |  |  | 1,637 |  |  |  | 665 |
Operating lease cost |  | 1,303 |  |  |  | 1,328 |  |  |  | 2,635 |  |  |  | 2,664 |
Variable lease cost |  | 69 |  |  |  | 73 |  |  |  | 144 |  |  |  | 144 |
Total lease cost | $ | 2,238 |  |  | $ | 1,734 |  |  | $ | 4,416 |  |  | $ | 3,473 |
Other Information |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  |  |  |  |  |  | 58.1 |  |  |  | 31.6 |
Weighted-average remaining lease term - operating leases (years) |  |  |  |  |  |  |  | 9.4 |  |  |  | 13.3 |
Weighted-average discount rate - finance leases |  |  |  |  |  |  |  | 6.5 | % |  |  | 6.3 | %
Weighted-average discount rate - operating leases |  |  |  |  |  |  |  | 5.1 | % |  |  | 5.1 | %

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