Operating Leases

12 Months Ended

Dec. 31, 2015

At December 31, 2015, our 90 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 2,700 leases with tenants providing a wide range of retail products and services. These tenants range from sole proprietorships to national retailers; no one tenant or corporate group of tenants accounts for more than 2.9% of annualized base rent.

Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less.

As of December 31, 2015, minimum future commercial property rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our operating properties are as follows:




	(In thousands)
Year ending December 31,
2016	$	518,325
2017	470,881
2018	406,311
2019	348,429
2020	288,395
Thereafter	1,759,140
	$	3,791,481