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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 5. Leases Lessee The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2068. The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2030. Certain of the lease agreements include variable payments for reimbursement of common area expenses. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands):
|  |  |  | December 31, |
|  | Classification |  | 2024 |  |  | 2023 |
Operating Lease ROU Assets |  | Other Assets, Net |  | $ | 15,818 |  |  | $ | 17,373 |
Operating Lease Liabilities |  | Accounts Payable and Other Liabilities |  |  | 35,532 |  |  |  | 37,108 |
Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative expense for its office leases are as follows (in thousands):
|  |  |  | December 31, |
Classification |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating and Maintenance |  |  |  | $ | 1,923 |  |  | $ | 2,209 |  |  | $ | 2,596 |
General and Administrative(A) |  |  |  |  | 2,290 |  |  |  | 2,303 |  |  |  | 2,213 |
Total lease costs |  |  |  | $ | 4,213 |  |  | $ | 4,512 |  |  | $ | 4,809 |
(A) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to operating leases was as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-Average Remaining Lease Term |  | 35.1 years |  |  | 35.1 years |
Weighted-Average Discount Rate |  |  | 7.5 | % |  |  | 7.5 | %
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) |  | $ | 3,704 |  |  | $ | 3,598 |
As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands):
Year |  | December 31, |
2025 |  | $ | 3,754 |
2026 |  |  | 3,855 |
2027 |  |  | 3,785 |
2028 |  |  | 3,821 |
2029 |  |  | 3,156 |
Thereafter |  |  | 98,552 |
Total lease payments |  |  | 116,923 |
Less imputed interest |  |  | (81,391 | )
Total |  | $ | 35,532 |
Lessor Space in the Company’s shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 15 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The Shared Services Agreement includes Curbline’s right to use the Company’s office space in New York. This arrangement is considered an embedded lease based on the criteria specified in Topic 842. The sublease income received under the Shared Services Agreement (Note 13) is included in Rental Income on the Company’s consolidated statements of operations. The disaggregation of the Company’s lease income, which is included in Rental Income on the Company’s consolidated statements of operations, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Rental income: |  |  |  |  |  |  |  |  |
Fixed lease income(A) |  | $ | 193,890 |  |  | $ | 319,791 |  |  | $ | 339,805 |
Variable lease income(B) |  |  | 73,313 |  |  |  | 113,588 |  |  |  | 119,238 |
Above-market and below-market leases amortization, net |  |  | 1,381 |  |  |  | 11,693 |  |  |  | 3,616 |
Adjustments for potentially uncollectible revenues and disputed amounts(C) |  |  | 702 |  |  |  | (1,010 | ) |  |  | 1,593 |
Total rental income |  | $ | 269,286 |  |  | $ | 444,062 |  |  | $ | 464,252 |
(A) Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. (B) Includes expense reimbursements, percentage and overage rent, lease termination fee income and ancillary income. (C) The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts. The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands):
Year |  | December 31, |
2025 |  | $ | 84,726 |
2026 |  |  | 77,986 |
2027 |  |  | 67,710 |
2028 |  |  | 52,534 |
2029 |  |  | 39,579 |
Thereafter |  |  | 130,289 |
Total |  | $ | 452,824 |

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- Definition The entire disclosure surrounding leases. + References No definition available. + Details
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- References No definition available. + Details
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