Annual report pursuant to Section 13 and 15(d)

Lease Agreements (Tables)

v3.25.0.1
Lease Agreements (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of rental revenues
For the years ended December 31, 2024, 2023 and 2022, the components of rental revenues are as follows (in thousands):
2024 2023 2022
Rental revenues - fixed $ 397,090  $ 343,433  $ 319,219 
Rental revenues - variable (1)
100,426  95,456  102,200 
Rental revenues $ 497,516  $ 438,889  $ 421,419 
(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, 2024, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2025 $ 271,814 
2026 214,703 
2027 169,893 
2028 122,484 
2029 92,055 
Thereafter 248,193 
$ 1,119,142 
Components of lease costs
For the years ended December 31, 2024, 2023 and 2022, the components of lease costs are as follows (in thousands):
2024 2023 2022
Operating lease costs $ 5,490  $ 5,493  $ 5,495 
Short-term lease costs 890  1,221  1,330 
Variable lease costs (1)
708  738  948 
Total lease costs $ 7,088  $ 7,452  $ 7,773 
(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:
2024
Weighted - average remaining lease term (years) 47.43
Weighted - average discount rate 5.0  %
Supplemental cash flow information
Cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
2024 2023 2022
Operating cash outflows related to operating leases $ 5,765  $ 5,709  $ 5,669 
Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2024 for the next five years and thereafter are as follows (in thousands):
2025 $ 5,816 
2026 5,854 
2027 5,893 
2028 4,946 
2029 4,659 
Thereafter 199,707 
Total lease payments $ 226,875 
Less imputed interest 142,376 
Present value of lease liabilities $ 84,499