Leases

12 Months Ended

Dec. 31, 2022

Lessee

The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2070. The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2030. Certain of the lease agreements include variable payments for reimbursement of common area expenses. The Company determines if an arrangement is a lease at inception.

Operating lease ROU assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands):


		December 31,
	Classification	2022		2021
Operating Lease ROU Assets	Other Assets, Net	$	18,197	$	19,047
Operating Lease Liabilities	Accounts Payable and Other Liabilities		37,777		38,491

Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative expense for its office leases are as follows (in thousands):


	December 31,
Classification	2022		2021		2020
Operating and Maintenance	$	2,596	$	2,645	$	2,716
General and Administrative(A)		2,213		2,405		2,627
Total lease costs	$	4,809	$	5,050	$	5,343

(A)

Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to operating leases was as follows:


	December 31,
	2022			2021
Weighted-Average Remaining Lease Term	35.4 years			35.5 years
Weighted-Average Discount Rate		7.4	%		7.4	%
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands)	$	4,227		$	4,342

As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands):


Year	December 31,
2023	$	3,657
2024		3,658
2025		3,717
2026		3,815
2027		3,743
Thereafter		107,371
Total lease payments		125,961
Less imputed interest		(88,184	)
Total	$	37,777

Lessor

Space in the Company’s shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements.

The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands):


Year	December 31,
2023	$	384,320
2024		343,074
2025		286,598
2026		238,366
2027		190,968
Thereafter		536,633
Total	$	1,979,959