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 September 30, 2016 are summarized as follows (in thousands):



	Minimum Rents
Remaining 2016	$	41,379
2017	157,584
2018	137,103
2019	115,455
2020	96,696
Thereafter	422,250
Total minimum lease payments	$	970,467