Tenant Leases

Space in the Company’s shopping centers is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume.

Future minimum rents to be received under non-cancellable leases as of June 30, 2016 are summarized as follows (in thousands):



	Minimum Rents
Remaining 2016	$	81,143
2017	151,617
2018	131,367
2019	109,003
2020	90,291
Thereafter	404,079
Total minimum lease payments	$	967,500