RENTALS UNDER OPERATING LEASES

12 Months Ended

Dec. 31, 2016

NOTE 16 RENTALS UNDER OPERATING LEASES

We receive rental income from the leasing of retail, office, multi-family and other space under operating leases. Such operating leases are with a variety of tenants. The minimum future rentals based on operating leases of our consolidated properties held as of December 31, 2016 are as follows:


	Total
	Minimum
Year	Rent
	(In thousands)
2017	$	155,085
2018		145,622
2019		139,037
2020		121,414
2021		113,999
Subsequent		478,138

Minimum future rentals exclude amounts which are payable by certain tenants based upon a percentage of their gross sales or as reimbursement of operating expenses and amortization of above-market and below‑market tenant leases.

Percentage rent in lieu of fixed minimum rent recognized from tenants for the years ended December 31, 2016, 2015 and 2014 was $2.4 million, $3.5 million and $2.9 million, respectively.

Overage rent of approximately $3.6 million, $3.6 million, and $2.4 million for 2016, 2015 and 2014, respectively, are included in Other rental and property revenues in our Consolidated Statements of Operations.