Leases

3 Months Ended

Mar. 31, 2021

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 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 three months ended March 31, 2021 and 2020:


	For the Three Months Ended March 31,
		2021		2020
Leasing revenue—fixed payments		$	131,495	$	159,557
Leasing revenue—variable payments		51,248		52,078
Provision for doubtful accounts		(3,208)		(914)
		$	179,535	$	210,721

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


Twelve months ending March 31,
2022	$	398,867
2023	352,690
2024	303,411
2025	244,495
2026	199,323
Thereafter	592,782
	$	2,091,568

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 three months ended March 31, 2021 and 2020:


	For the Three Months Ended March 31,
		2021		2020
Operating lease costs		$	3,815	$	3,938
Finance lease costs:
Amortization of ROU assets		478		475
Interest on lease liabilities		219		142
		$	4,512	$	4,555

The following table summarizes the future rental payments required under the leases:


	March 31, 2021						December 31, 2020
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2021	$	11,263		$	10,785		$	14,695		$	10,785
2022	14,883			2,762			14,558			2,762
2023	9,076			344			8,746			344
2024	7,094			3,085			6,759			3,085
2025	7,136			—			6,796			—
Thereafter	116,918			—			116,660			—
Total undiscounted rental payments	166,370			16,976			168,214			16,976
Less imputed interest	(93,195)			(1,151)			(94,375)			(599)
Total lease liabilities	$	73,175		$	15,825		$	73,839		$	16,377
Weighted average remaining term	34.5 years			0.9 years			34.5 years			1.1 years
Weighted average incremental borrowing rate	7.7		%	3.7		%	7.7		%	3.7		%

Leases