Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.24.3
Lease Agreements
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lease Agreements Lease Agreements
As of September 30, 2024, we were the lessor to approximately 2,500 stores in our 32 consolidated centers, under operating leases with initial terms that expire from 2024 to 2039, with certain agreements containing extension options. Also, certain of our lease agreements 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,
2024 2023 2024 2023
Rental revenues - fixed $ 98,879  $ 87,315  $ 294,031  $ 252,017 
Rental revenues - variable (1)
26,342  23,520  71,318  66,988 
Rental revenues $ 125,221  $ 110,835  $ 365,349  $ 319,005 
(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.