Annual report pursuant to Section 13 and 15(d)

Leasing Agreements (Tables)

v3.19.3.a.u2
Leasing Agreements (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Components of rental revenues
For the year ended December 31, 2019, the components of rental revenues are as follows (in thousands):
 
 
2019
Rental revenues - fixed
 
$
360,513

Rental revenues - variable (1)
 
103,433

Rental revenues
 
$
463,946

(1)
Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.
Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2019, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2020
 
$
316,397

2021
 
282,225

2022
 
247,874

2023
 
213,932

2024
 
179,081

Thereafter
 
349,234

 
 
$
1,588,743


Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2019
 
$
285,343

2020
 
265,361

2021
 
229,553

2022
 
195,808

2023
 
164,845

Thereafter
 
364,844

 
 
$
1,505,754


Components of lease costs
For the year ended December 31, 2019, the components of lease costs are as follows (in thousands):
 
 
2019
Operating lease costs
 
$
5,519

Short-term lease costs
 
2,297

Variable lease costs (1)
 
231

Total lease costs
 
$
8,047

(1)
Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
Lease term and discount rates The lease term and discount rates are as follows:
 
 
2019
Weighted - average remaining lease term (years)
 
50

Weighted - average discount rate
 
5.0
%

Supplemental cash flow information
Cash flow information related to leases for the year ended December 31, 2019 was as follows (in thousands):
 
 
December 31, 2019
Operating cash outflows related to operating leases
 
$
5,569


Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2019 for the next five years and thereafter are as follows (in thousands):
2020
 
$
5,568

2021
 
5,613

2022
 
5,669

2023
 
5,709

2024
 
5,765

Thereafter
 
226,876

Total lease payments
 
$
255,200

Less imputed interest
 
163,963

Present value of lease liabilities
 
$
91,237


Minimum lease payments
For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands):
2019
 
$
7,526

2020
 
7,311

2021
 
7,140

2022
 
7,127

2023
 
7,167

Thereafter
 
258,438

Total minimum payment
 
$
294,709