Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.24.1.u1
Lease Agreements
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Lease Agreements Lease Agreements
As of March 31, 2024, we were the lessor to approximately 2,400 stores in our 32 consolidated centers, under operating leases with initial terms that expire from 2024 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,
2024 2023
Rental revenues - fixed $ 95,979  $ 81,887 
Rental revenues - variable (1)
21,830  21,695 
Rental revenues $ 117,809  $ 103,582 
(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.