Lease Agreements

12 Months Ended

Dec. 31, 2020

LEASE AGREEMENTS

Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2020, 2019, and 2018, amounted to $188.6 million, $185.7 million, and $184.7 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows:


(in thousands)
2021	$	163,862
2022	146,574
2023	126,550
2024	102,118
2025	80,366
Thereafter	351,968
	$	971,438

The majority of the leases provide for rental increases based on fixed annual increases or increases in the Consumer Price Index and expense recoveries based on increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2020, 2019, and 2018, amounted to $34.7 million, $36.5 million, and $35.5 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $0.9 million, $0.9 million, and $1.0 million, for the years ended December 31, 2020, 2019, and 2018, respectively.