Annual report pursuant to Section 13 and 15(d)

Lease Agreements (Tables)

v3.22.4
Lease Agreements (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of rental revenues
For the years ended December 31, 2022, 2021 and 2020, the components of rental revenues are as follows (in thousands):
2022 2021 2020
Rental revenues - fixed $ 319,219  $ 298,095  $ 289,676 
Rental revenues - variable (1)
102,200  109,671  88,256 
Rental revenues $ 421,419  $ 407,766  $ 377,932 
(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.
Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2022, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands) :
2023 $ 238,442 
2024 196,263 
2025 152,185 
2026 117,491 
2027 87,086 
Thereafter 199,689 
$ 991,156 
Components of lease costs
For the years ended December 31, 2022, 2021 and 2020, the components of lease costs are as follows (in thousands):
2022 2021 2020
Operating lease costs $ 5,495  $ 5,511  $ 5,531 
Short-term lease costs 1,330  1,465  2,511 
Variable lease costs (1)
948  276  295 
Total lease costs $ 7,773  $ 7,252  $ 8,337 
(1)Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
Lease term and discount rates The lease term and discount rates are as follows:
2022
Weighted - average remaining lease term (years) 48.29
Weighted - average discount rate 5.0  %
Supplemental cash flow information
Cash flow information related to leases for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):
December 31, 2022 December 31, 2021 December 31, 2020
Operating cash outflows related to operating leases $ 5,669  $ 5,613  $ 5,568 
Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2022 for the next five years and thereafter are as follows (in thousands):
2023 $ 5,709 
2024 5,765 
2025 5,816 
2026 5,854 
2027 5,893 
Thereafter 209,270 
Total lease payments $ 238,307 
Less imputed interest 150,779 
Present value of lease liabilities $ 87,528