Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.23.2
Lease Agreements
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Lease Agreements Lease Agreements
As of June 30, 2023, we were the lessor to approximately 2,300 stores in our 29 consolidated outlet centers, under operating leases with initial terms that expire from 2023 to 2039, 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,
2023 2022 2023 2022
Rental revenues - fixed $ 82,815  $ 78,682  $ 164,702  $ 159,991 
Rental revenues - variable (1)
21,773  22,727  43,468  46,027 
Rental revenues $ 104,588  $ 101,409  $ 208,170  $ 206,018 
(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.