Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Leases:

Lessor Leases:

The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases.

The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017:

	2019		2018		2017
Leasing revenue - fixed payments	$	647,876	$	659,991	$	677,503
Leasing revenue - variable payments	210,998		224,005		244,649
	$	858,874	$	883,996	$	922,152

The following table summarizes the future rental payments to the Company:

2020	$	490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
	$	2,581,481

Lessee Leases:

The Company has certain properties that are 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. In addition, the Company has four finance leases that expire at various times through 2022.

The following table summarizes the lease costs for the the year ended December 31, 2019:

Operating lease costs	$	17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
	$	19,548

The following table summarizes the future rental payments required under the leases as of December 31, 2019:

Year ending	Operating Leases		Finance Leases
2020	$	17,149	$	2,106
2021	17,004		10,441
2022	16,867		2,418
2023	11,055		—
2024	9,068		—
Thereafter	131,347		—
Total undiscounted rental payments	202,490		14,965
Less imputed interest	(102,085)		(1,169)
Total lease liabilities	$	100,405	$	13,796

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2019 was 31 and 1.6 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2019 was 7.7% and 4.2%, respectively.

Leases

Leases:

Lessor Leases:

The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases.

The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017:

	2019		2018		2017
Leasing revenue - fixed payments	$	647,876	$	659,991	$	677,503
Leasing revenue - variable payments	210,998		224,005		244,649
	$	858,874	$	883,996	$	922,152

The following table summarizes the future rental payments to the Company:

2020	$	490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
	$	2,581,481

Lessee Leases:

The Company has certain properties that are 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. In addition, the Company has four finance leases that expire at various times through 2022.

The following table summarizes the lease costs for the the year ended December 31, 2019:

Operating lease costs	$	17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
	$	19,548

The following table summarizes the future rental payments required under the leases as of December 31, 2019:

Year ending	Operating Leases		Finance Leases
2020	$	17,149	$	2,106
2021	17,004		10,441
2022	16,867		2,418
2023	11,055		—
2024	9,068		—
Thereafter	131,347		—
Total undiscounted rental payments	202,490		14,965
Less imputed interest	(102,085)		(1,169)
Total lease liabilities	$	100,405	$	13,796

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2019 was 31 and 1.6 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2019 was 7.7% and 4.2%, respectively.