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 March 31, 2017 are summarized as follows (in thousands):



	Minimum Rents
Remaining 2017	$	130,342
2018	155,814
2019	134,029
2020	114,133
2021	93,307
Thereafter	400,943
Total minimum lease payments	$	1,028,568