Leasing Agreements

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leasing Agreements

As of September 30, 2020, we were the lessor to over 2,200 stores in our 31 consolidated outlet centers, under operating leases with initial terms that expire from 2020 to 2035, with certain agreements containing extension options. We also have certain agreements that require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.

The components of rental revenues are as follows (in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Rental revenues - fixed	$	78,312	$	89,055	$	213,760	$	272,482
Rental revenues - variable (1)	21,939		25,995		57,322		74,907
Rental revenues	$	100,251	$	115,050	$	271,082	$	347,389

(1)Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.