Quarterly report pursuant to Section 13 or 15(d)

Leasing Agreements

v3.20.2
Leasing Agreements
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leasing Agreements
As of June 30, 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.

The components of rental revenues are as follows (in thousands):
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Rental revenues - fixed
$
48,515

 
$
89,262

 
$
135,448

 
$
182,721

Rental revenues - variable (1)
13,758

 
23,123

 
35,383

 
49,618

Rental revenues
$
62,273

 
$
112,385

 
$
170,831

 
$
232,339

(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.