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Lease Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of rental revenues
For the years ended December 31, 2023, 2022 and 2021, the components of rental revenues are as follows (in thousands):
202320222021
Rental revenues - fixed$343,433 $319,219 $298,095 
Rental revenues - variable (1)
95,456 102,200 109,671 
Rental revenues$438,889 $421,419 $407,766 
(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, 2023, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
2024$274,169 
2025215,542 
2026166,269 
2027125,307 
202883,122 
Thereafter208,304 
$1,072,713 
Components of lease costs
For the years ended December 31, 2023, 2022 and 2021, the components of lease costs are as follows (in thousands):
202320222021
Operating lease costs$5,493 $5,495 $5,511 
Short-term lease costs1,221 1,330 1,465 
Variable lease costs (1)
738 948 276 
Total lease costs$7,452 $7,773 $7,252 
(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:
2023
Weighted - average remaining lease term (years)47.83
Weighted - average discount rate5.0 %
Supplemental cash flow information
Cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
December 31, 2023December 31, 2022December 31, 2021
Operating cash outflows related to operating leases$5,709 $5,669 $5,613 
Maturity of lease liabilities
Maturities of lease liabilities as of December 31, 2023 for the next five years and thereafter are as follows (in thousands):
2024
$5,765 
2025
5,816 
2026
5,854 
2027
5,893 
2028
4,946 
Thereafter204,366 
Total lease payments$232,640 
Less imputed interest146,564 
Present value of lease liabilities$86,076