Lease Agreements

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lease Agreements

Lease Agreements

As of September 30, 2023, we were the lessor to approximately 2,300 stores in our 29 consolidated outlet centers, under operating leases with initial terms that expire from 2023 to 2039, 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,
	2023		2022		2023		2022
Rental revenues - fixed	$	87,315	$	79,427	$	252,017	$	239,417
Rental revenues - variable (1)	23,520		26,142		66,988		72,170
Rental revenues	$	110,835	$	105,569	$	319,005	$	311,587

(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.