Leases

12 Months Ended

Dec. 31, 2020

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. For leasing revenues in which collectability of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.

The following table summarizes the components of leasing revenue for the years ended December 31, 2020, 2019 and 2018:


	2020		2019		2018
Leasing revenue - fixed payments	$	592,858	$	647,876	$	659,991
Leasing revenue - variable payments	191,715		218,680		228,668
Provision for doubtful accounts	(44,250)		(7,682)		(4,663)
	$	740,323	$	858,874	$	883,996

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


2021	$	407,044
2022	364,733
2023	316,848
2024	254,894
2025	208,161
Thereafter	610,154
	$	2,161,834

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 five finance leases that expire at various times through 2024.

The following table summarizes the lease costs for the year ended December 31, 2020:



Operating lease costs	$	15,332
Finance lease costs:
Amortization of ROU assets	1,905
Interest on lease liabilities	546
	$	17,783

The following table summarizes the future rental payments required under the leases as of December 31, 2020:


Year ending	Operating Leases		Finance Leases
2021	$	14,695	$	10,785
2022	14,558		2,762
2023	8,746		344
2024	6,759		3,085
2025	6,796		—
Thereafter	116,660		—
Total undiscounted rental payments	168,214		16,976
Less imputed interest	(94,375)		(599)
Total lease liabilities	$	73,839	$	16,377

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2020 was 34.5 and 1.1, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2020 was 7.7% and 3.7%, respectively.

Leases