Leasing Agreements

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leasing Agreements

As of September 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				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Rental revenues - fixed	$	76,295	$	78,312	$	223,062	$	213,760
Rental revenues - variable (1)	30,970		21,939		78,494		57,322
Rental revenues	$	107,265	$	100,251	$	301,556	$	271,082

(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.