Lessor, Leases (Notes)

12 Months Ended

Dec. 31, 2022

Lessor Disclosure [Abstract]

Lessor, Operating Leases [Text Block]

(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 from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents tenant payments for real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Following is a summary of total lease income for 2022, 2021 and 2020:

	2022			2021		2020
	(Amounts are in millions)
Lease income		$	173		162		133
Variable lease income		49			44		39
		$	222		206		172

In 2020, the Company offered two months of rent relief to tenants in Company owned shopping centers that were impacted by the coronavirus pandemic. The rent relief was recorded as a reduction of lease income and variable lease income.

Future fixed lease payments for all noncancelable operating leases as of December 31, 2022 are as follows:

Year
(Amounts are in millions)
2023	$	180
2024	151
2025	118
2026	88
2027	57
Thereafter	203
	$	797