Leasing Agreements

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leasing Agreements

As of June 30, 2021, we were the lessor to over 2,100 stores in our 30 consolidated outlet centers, under operating leases with initial terms that expire from 2021 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				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Rental revenues - fixed	$	71,847	$	48,515	$	146,766	$	135,448
Rental revenues - variable (1)	24,977		13,758		47,525		35,383
Rental revenues	$	96,824	$	62,273	$	194,291	$	170,831

(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.