RENTALS UNDER OPERATING LEASES

12 Months Ended

Dec. 31, 2012

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES

NOTE 11 RENTALS UNDER OPERATING LEASES

        We receive rental income from the leasing of retail space under operating leases. The minimum future rentals based on operating leases of our consolidated properties owned as of December 31, 2012 are as follows:

Year	Amount
	(In thousands)
2013	$	141,850
2014		125,144
2015		104,233
2016		85,255
2017		65,380
Subsequent		233,777
	$	755,639

        Maximum future rentals exclude amounts which are payable by certain tenants based upon a percentage of their gross sales or as reimbursement of operating expenses and amortization of above and below-market leases. Such operating leases are with a variety of tenants, the majority of which are national and regional retail chains and local retailers, and consequently, our credit risk is concentrated in the retail industry.