Leasing Operations

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leasing Operations

Note 9.     Leasing Operations

As a commercial real estate lessor, generally our leases are for terms of 10 years or less and may include multiple options, upon tenant election, to extend the lease term in increments up to five years. Our leases typically do not include an option to purchase. Tenant terminations prior to the lease end date occasionally results in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of our leases provide for variable rental revenues, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. In addition, rent abatements related to the COVID-19 pandemic of $3.2 million were recorded as a reduction to variable lease payments for the year ended December 31, 2020 (see Note 1 for additional information).  

Future undiscounted, lease payments for tenant leases, excluding estimated variable payments, at December 31, 2020 is as follows (in thousands):

2021		329,001
2022		283,036
2023		239,768
2024		192,197
2025		146,270
Thereafter		448,593
Total payments due	$	1,638,865

Variable lease payments recognized in Rentals, net are as follows (in thousands):

	Year Ended December 31,
	2020		2019
Variable lease payments	$	100,093	$	109,685

Contingent rentals recognized in Rentals, net are as follows (in thousands):

	Year Ended December 31,
	2018
Contingent rentals	$	118,703