Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.23.3
Lease Agreements
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Lease Agreements Lease Agreements
As of September 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 Nine months ended
September 30, September 30,
2023 2022 2023 2022
Rental revenues - fixed $ 87,315  $ 79,427  $ 252,017  $ 239,417 
Rental revenues - variable (1)
23,520  26,142  66,988  72,170 
Rental revenues $ 110,835  $ 105,569  $ 319,005  $ 311,587 
(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.