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Lease Agreements (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Components of rental revenues
For the years ended December 31, 2020 and 2019, the components of rental revenues are as follows (in thousands):
20202019
Rental revenues - fixed$289,676 $360,513 
Rental revenues - variable (1)
88,256 103,433 
Rental revenues$377,932 $463,946 
(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.
Future minimum lease receipts under non-cancelable operating leases
Future minimum lease receipts under non-cancelable operating leases as of December 31, 2020, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands) (1):
2021$271,907 
2022237,806 
2023205,403 
2024170,920 
2025129,626 
Thereafter227,295 
$1,242,957 
(1) Does not include rents deferred related to the COVID-19 pandemic and or lease modifications that were in process as of December 31, 2020.
Components of lease costs
For the year ended December 31, 2020, the components of lease costs are as follows (in thousands):
20202019
Operating lease costs$5,531 $5,519 
Short-term lease costs2,511 2,297 
Variable lease costs (1)
295 231 
Total lease costs$8,337 $8,047 
(1)Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
Lease term and discount rates The lease term and discount rates are as follows:
2020
Weighted - average remaining lease term (years)49.25
Weighted - average discount rate5.0 %
Supplemental cash flow information
Cash flow information related to leases for the year ended December 31, 2020 was as follows (in thousands):
December 31, 2020December 31, 2019
Operating cash outflows related to operating leases$5,568 $5,569 
Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2020 for the next five years and thereafter are as follows (in thousands):
2021$5,613 
20225,669 
20235,709 
20245,765 
20255,816 
Thereafter221,059 
Total lease payments$249,631 
Less imputed interest159,526 
Present value of lease liabilities$90,105