Quarterly report pursuant to Section 13 or 15(d)

Leasing Agreements

v3.20.2
Leasing Agreements
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leasing Agreements
As of September 30, 2020, we were the lessor to over 2,200 stores in our 31 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 Nine months ended
September 30, September 30,
2020 2019 2020 2019
Rental revenues - fixed $ 78,312  $ 89,055  $ 213,760  $ 272,482 
Rental revenues - variable (1)
21,939  25,995  57,322  74,907 
Rental revenues $ 100,251  $ 115,050  $ 271,082  $ 347,389 
(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.