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, 2017 are summarized as follows (in thousands):



Year Ending December 31:
2018	$	193,314
2019	175,008
2020	153,451
2021	131,249
2022	105,293
Thereafter	448,171
Total minimum lease payments	$	1,206,486