RENTALS UNDER OPERATING LEASES

12 Months Ended

Dec. 31, 2018

HHC receives 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 the consolidated properties held as of December 31, 2018 are as follows:



	Total
	Minimum
Year	Rent
	(In thousands)
2019	$	186,342
2020	186,044
2021	194,042
2022	201,057
2023	181,622
Subsequent	1,110,260
Total	$	2,059,367

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, 2018, 2017 and 2016 was $1.2 million, $1.5 million and $2.4 million, respectively.

Overage rent of approximately $2.5 million, $2.8 million and $3.6 million for the years ended December 31, 2018, 2017 and 2016, respectively, are included in Other rental and property revenues in the Consolidated Statements of Operations.