Lease Agreements

12 Months Ended

Dec. 31, 2024

Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2024, 2023, and 2022, amounted to $216.6 million, $208.3 million, and $201.2 million, respectively. Future contractual payments under noncancelable leases for years ending December 31 (which exclude the effect of straight-line rents), are as follows:


(In thousands)
2025	$	178,480
2026	164,408
2027	148,693
2028	128,076
2029	101,473
Thereafter	394,891
	$	1,116,021

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, 2024, 2023, and 2022, amounted to $40.8 million, $37.1 million and $36.0 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 $1.9 million, $1.8 million, and $1.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively.