Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies:

The Company has certain properties subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Lease rent expenses were $18,499, $16,495 and $17,938 for the years ended December 31, 2017, 2016 and 2015, respectively. No contingent rent was incurred for the years ended December 31, 2017, 2016 or 2015.

Minimum future rental payments required under the leases are as follows:



Year Ending December 31,
2018	$	10,461
2019	9,334
2020	9,351
2021	8,999
2022	9,021
Thereafter	208,184
	$	255,350

As of December 31, 2017, the Company was contingently liable for $60,588 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2017, the Company had $40,121 in outstanding obligations, which it believes will be settled in the next twelve months.