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, 2018 are summarized as follows (in thousands):



Year Ending December 31:
2019	$	198,998
2020	181,234
2021	160,082
2022	134,368
2023	105,657
Thereafter	429,172
Total minimum lease payments	$	1,209,511