Lessor, Lease Lessor, Lease (Notes)

3 Months Ended

Mar. 30, 2019


(b)	Lessor

The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments received from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents the receipt of real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Total lease income for the three months ended March 30, 2019 was as follows:



	Three Months Ended
	March 30, 2019
	(Amounts are in thousands)
Lease income		$	35,917
Variable lease income		9,875
		$	45,792

Fixed lease payments to be received for all noncancelable operating leases as of March 30, 2019 are as follows:



Year
(Amounts are in thousands)
2019	$	108,010
2020	123,535
2021	97,773
2022	72,916
2023	51,429
Thereafter	172,138
	$	625,801