Lease Agreements

12 Months Ended

Dec. 31, 2016

LEASE AGREEMENTS

Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2016, 2015, and 2014, amounted to $172.4 million, $168.3 million, and $164.6 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows:



(in thousands)
2017	$	154,489
2018	138,724
2019	117,135
2020	97,155
2021	78,248
Thereafter	245,218
	$	830,969

The majority of the leases provide for rental increases and expense recoveries based on fixed annual increases or increases in the Consumer Price Index and increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2016, 2015, and 2014, amounted to $34.3 million, $32.9 million, and $32.1 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.4 million, $1.6 million, and $1.5 million, for the years ended December 31, 2016, 2015, and 2014, respectively.