Operating Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

OPERATING LEASES

LEASES

At December 31, 2021, our 104 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,100 commercial leases and 3,000 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2021, no one tenant or corporate group of tenants accounted for more than 2.7% of annualized base rent.

Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less.

As of December 31, 2021, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows:

	(In thousands)
Year ending December 31,
2022	$	634,134
2023	596,004
2024	531,652
2025	447,549
2026	376,692
Thereafter	1,675,278
	$	4,261,309

The following table provides additional information on our operating and finance leases where we are the lessee:

	Year Ended December 31,
	2021		2020			2019
	(In thousands)
LEASE COST:
Finance lease cost:
Amortization of right-of-use assets	$	1,284	$	1,284		$	1,284
Interest on lease liabilities	5,828		5,826			5,824
Operating lease cost	5,687		5,946			6,063
Variable lease cost	246		353			487
Total lease cost	$	13,045	$	13,409		$	13,658
OTHER INFORMATION:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	5,723	$	5,736		$	5,759
Operating cash flows for operating leases	$	5,288	$	5,498		$	5,561
Financing cash flows for finance leases	$	51	$	46		$	47
			December 31,
			2021			2020
Weighted-average remaining term - finance leases			16.3 years			17.3 years
Weighted-average remaining term - operating leases			52.8 years			53.4 years
Weighted-average discount rate - finance leases			8.0		%	8.0		%
Weighted-average discount rate - operating leases			4.5		%	4.4		%
ROU assets obtained in exchange for operating lease liabilities			$	10,341		$	855