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Lease Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Components of rental revenues
For the years ended December 31, 2025, 2024 and 2023, the components of rental revenues are as follows (in thousands):
202520242023
Rental revenues - fixed$437,255 $397,090 $343,433 
Rental revenues - variable (1)
113,641 100,426 95,456 
Rental revenues$550,896 $497,516 $438,889 
(1)Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.
Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2025, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2026$386,535 
2027318,447 
2028241,761 
2029191,029 
2029136,286 
Thereafter424,353 
$1,698,411 
Components of lease costs
For the years ended December 31, 2025, 2024 and 2023, the components of lease costs are as follows (in thousands):
202520242023
Operating lease costs$5,614 $5,490 $5,493 
Short-term lease costs992 890 1,221 
Variable lease costs (1)
964 708 738 
Total lease costs$7,570 $7,088 $7,452 
(1)Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
Lease term and discount rates The lease term and discount rates are as follows:
2025
Weighted - average remaining lease term (years)48.45
Weighted - average discount rate5.0 %
Supplemental cash flow information
Cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
202520242023
Operating cash outflows related to operating leases$5,943 $5,765 $5,709 
Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2025 for the next five years and thereafter are as follows (in thousands):
2026$6,323 
20276,361 
20285,414 
20295,128 
20305,149 
Thereafter221,249 
Total lease payments$249,624 
Less imputed interest158,055 
Present value of lease liabilities$91,569