Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.23.1
Lease Agreements
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Lease Agreements Lease Agreements
As of March 31, 2023, we were the lessor to approximately 2,200 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
March 31,
2023 2022
Rental revenues - fixed $ 81,887  $ 81,312 
Rental revenues - variable (1)
21,695  23,297 
Rental revenues $ 103,582  $ 104,609 
(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.