Leasing Operations

12 Months Ended

Dec. 31, 2018

Many of our leases are for terms of less than 10 years and may include multiple options to extend the lease term in increments up to five years. In addition to minimum lease payments, most of the leases provide for contingent rentals (payments for real estate taxes, maintenance and insurance by lessees and an amount based on a percentage of the tenants’ sales).

Future minimum rental income from non-cancelable tenant leases, excluding estimated contingent rentals, at December 31, 2018 is as follows (in thousands):



2019	$	347,476
2020	305,404
2021	253,269
2022	198,414
2023	151,538
Thereafter	473,416
Total	$	1,729,517

Contingent rentals recognized in Rentals, net for the year ended December 31, are as follows (in thousands):



2018	$	118,703
2017	129,635
2016	114,505