XML 25 R17.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Operating Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
OPERATING LEASES OPERATING LEASES
At December 31, 2019, our 104 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,000 commercial leases and 2,700 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2019, no one tenant or corporate group of tenants accounted for more than 2.6% 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, 2019, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows:
 
 
 
(In thousands)
Year ending December 31,
 
2020
$
616,760

2021
565,835

2022
498,438

2023
422,729

2024
352,221

Thereafter
1,528,699

 
$
3,984,682