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 December 31, 2016 are summarized as follows (in thousands):



Year Ending December 31:
2017	$	166,181
2018	146,496
2019	125,052
2020	105,841
2021	85,752
Thereafter	376,228
Total minimum lease payments	$	1,005,550