Quarterly report pursuant to Section 13 or 15(d)

Leasing Agreements

v3.21.1
Leasing Agreements
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leasing Agreements
As of March 31, 2021, we were the lessor to over 2,100 stores in our 30 consolidated outlet centers, under operating leases with initial terms that expire from 2021 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
March 31,
2021 2020
Rental revenues - fixed $ 74,919  $ 86,933 
Rental revenues - variable (1)
22,548  21,625 
Rental revenues $ 97,467  $ 108,558 
(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.