Leases (Tables)

12 Months Ended

Dec. 31, 2017

Revenues from the Master Lease for the years ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 are as follows (in thousands and excluding straight-line rent of $0.8 million, $9.9 million and $5.6 million, respectively):

					July 7, 2015
	Year Ended December 31,				(date operations commenced) to
	2017		2016		December 31, 2015
Rental income	$	112,881	$	133,237	$	64,838
Termination fee income		19,315		—		—
Tenant reimbursements		51,672		55,823		25,204
Total revenue	$	183,868	$	189,060	$	90,042

Summary of Recapture Rights Exercised by the Company

As of December 31, 2017, the Company had exercised certain recapture rights with respect to 56 properties as follows:

Property	Recapture Type	Notice Date(s)
Anchorage, AK	100%	December 2017
Boca Raton, FL	100%	December 2017
Westminster, CA	100%	December 2017
Hicksville, NY	100%	December 2017
Orland Park, IL	100% (1)	December 2017
Florissant, MO	Out parcel	December 2017
Salem, NH	Out parcel	December 2017
Fairfield, CA	Partial	December 2017
Las Vegas, NV	Partial	December 2017
Plantation, FL	Partial	December 2017
Yorktown Heights	Partial	December 2017
Austin, TX	100% (1)	December 2017 / September2017
North Little Rock, AR	Auto Center	September 2017
Ft. Wayne, IN	Out parcel	September 2017
St. Clair Shores, MI	100%	September 2017
Redmond, WA	Auto Center	September 2017
Temecula, CA	Partial	June 2017
Roseville, CA	Auto center	June 2017
North Riverside, IL	Partial	June 2017
Watchung, NJ	100%	June 2017
Canton, OH	Partial	June 2017
Dayton, OH	Auto center	June 2017
Carson, CA	100% (1)	April 2017 / December 2016
San Diego, CA	100% (1)	April 2017
Aventura, FL	100%	April 2017
Hialeah, FL	100% (1)	April 2017
Anderson, SC	100% (1)	April 2017 / July 2016
Charleston, SC	100% (1)	April 2017 / October 2016
Valley View, TX	100%	April 2017
North Miami, FL	100%	March 2017
Cockeysville, MD	Partial	March 2017
Olean, NY	Partial	March 2017
Santa Cruz, CA	Partial	December 2016
Santa Monica, CA	100%	December 2016
Saugus, MA	Partial	December 2016
Guaynabo, PR	Partial	December 2016
Roseville, MI	Partial	November 2016
Troy, MI	Partial	November 2016
West Hartford, CT	100%	October 2016
Rehoboth Beach, DE	Partial	October 2016
St. Petersburg, FL	100%	October 2016
Warwick, RI	Auto center	October 2016
North Hollywood, CA	Partial	July 2016
Orlando, FL	100%	July 2016
Ft. Wayne, IN	Out parcel	July 2016
West Jordan, UT	Partial + auto center	July 2016
Madison, WI	Partial	July 2016
Bowie, MD	Auto center	May 2016
Hagerstown, MD	Auto center	May 2016
Wayne, NJ (2)	Partial + auto center	May 2016
Albany, NY	Auto center	May 2016
Fairfax, VA	Partial + auto center	May 2016
San Antonio, TX	Auto center	March 2016
Honolulu, HI	100%	December 2015
Memphis, TN	100%	December 2015
Braintree, MA	100%	November 2015

(1)	In 2017, the Company converted partial recapture rights to 100% recapture rights and exercised such recapture rights.

(2)	In 2017, the Company contributed this asset to the GGP II JV and retained a 50% ownership interest.

Summary of Redevelopement Properties

As of December 31, 2017, the Company had announced redevelopment projects at 18 of the terminated properties and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears Holdings.

					Announced
Property	Square Feet		Notice	Termination	Redevelopment
Cullman, AL		98,500	September 2016	January 2017	Q2 2017
Sierra Vista, AZ		86,100	September 2016	January 2017
Thornton, CO		190,200	September 2016	January 2017	Q1 2017
Chicago, IL		118,800	September 2016	January 2017
Springfield, IL		84,200	September 2016	January 2017	Q3 2016
Elkhart, IN		86,500	September 2016	January 2017	Q4 2016
Merrillville, IN		108,300	September 2016	January 2017	Q4 2016
Houma, LA		96,700	September 2016	January 2017
New Iberia, LA		91,700	September 2016	January 2017	Q2 2017
Alpena, MI		118,200	September 2016	January 2017
Manistee, MI		87,800	September 2016	January 2017
Sault Sainte Marie, MI		92,700	September 2016	January 2017
Kearney, NE		86,500	September 2016	January 2017	Q3 2016
Deming, NM		96,600	September 2016	January 2017
Harlingen, TX		91,700	September 2016	January 2017
Yakima, WA		97,300	September 2016	January 2017
Riverton, WY		94,800	September 2016	January 2017
Riverside, CA		94,500	January 2017	April 2017
Kissimmee, FL		112,505	January 2017	April 2017
Leavenworth, KS		76,853	January 2017	April 2017
Hopkinsville, KY		70,326	January 2017	April 2017
Paducah, KY		108,244	January 2017	April 2017	Q3 2017
Owensboro, KY		68,334	January 2017	April 2017
Detroit Lakes, MN		79,102	January 2017	April 2017
Jefferson City, MO		92,016	January 2017	April 2017	Q2 2017
Henderson, NV		122,823	January 2017	April 2017	Q1 2017
Concord, NC		137,499	January 2017	April 2017
Chapel Hill, OH		187,179	January 2017	April 2017
Kenton, OH		96,066	January 2017	April 2017
Muskogee, OK		87,500	January 2017	April 2017
Mount Pleasant, PA		83,536	January 2017	April 2017
Sioux Falls, SD		72,511	January 2017	April 2017
El Paso, TX		103,657	January 2017	April 2017
Layton, UT		90,010	January 2017	April 2017
Elkins, WV		94,885	January 2017	April 2017
Platteville, WI		94,841	January 2017	April 2017
Sarasota, FL		204,500	June 2017	October 2017
Chicago, IL		293,700	June 2017	October 2017
Overland Park, KS		215,000	June 2017	October 2017
Lafayette, LA		194,900	June 2017	October 2017
Cockeysville, MD		83,900	June 2017	October 2017	Q1 2017
Hagerstown, MD		107,300	June 2017	October 2017	Q1 2016
Roseville, MI		277,000	June 2017	October 2017	Q3 2016
Burnsville, MN		161,700	June 2017	October 2017
Albany, NY		216,200	June 2017	October 2017	Q1 2016
East Northport, NY		187,000	June 2017	October 2017	Q2 2017
Johnson City, NY		155,100	June 2017	October 2017
Olean, NY		75,100	June 2017	October 2017	Q1 2017
Mentor, OH		208,700	June 2017	October 2017
Middleburg Heights, OH		351,600	June 2017	October 2017
Toledo, OH		209,900	June 2017	October 2017
York, PA		82,000	June 2017	October 2017
Warwick, RI		169,200	June 2017	October 2017	Q3 2016 / Q3 2017
Greendale, WI		238,400	June 2017	October 2017	Q4 2017
Friendswood, TX (1)		166,000	June 2017	November 2017
Westwood, TX (1)		215,000	June 2017	January 2018
Total square feet		7,411,187

(1)	The Company and Sears Holdings agreed to extend occupancy beyond October 2017 under the existing Master Lease terms.

Schedule of Future Rental Revenue Under Non-cancelable Operating Leases

As of December 31, 2017, future base rental revenue under non-cancelable operating leases, excluding extension options and signed leases for which rental payments have not yet commenced, is as follows (in thousands):

Year ending December 31,
2018	$	138,488
2019		141,216
2020		139,516
2021		140,120
2022		140,086
Thereafter		465,736
	$	1,165,162