Quarterly report pursuant to Section 13 or 15(d)

Leasing Agreements

v3.20.1
Leasing Agreements
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leasing Agreements
As of March 31, 2020, we were the lessor to over 2,300 stores in our 32 consolidated outlet centers, under operating leases with initial terms that expire from 2020 to 2035, with certain agreements containing extension options. We also have certain agreements that require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.

For the three months ended March 31, 2020, the components of rental revenues are as follows (in thousands):
 
 
Three months ended
 
 
March 31,
 
 
2020
 
2019
Rental revenues - fixed
 
$
86,933

 
$
93,459

Rental revenues - variable (1)
 
21,625

 
26,495

Rental revenues
 
$
108,558

 
$
119,954


(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.