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Leases
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2020 and 2019:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Leasing revenue—fixed payments$138,843 $159,356 $455,925 $482,194 
Leasing revenue—variable payments47,220 57,838 138,304 160,863 
Provision for doubtful accounts(10,557)(2,934)(39,248)(6,767)
$175,506 $214,260 $554,981 $636,290 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2021$403,464 
2022357,085 
2023310,769 
2024257,487 
2025204,648 
Thereafter556,607 
$2,090,060 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three and nine months ended September 30, 2020 and 2019:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Operating lease costs$3,788 $3,466 $11,427 $12,675 
Finance lease costs:
   Amortization of ROU assets477 475 1,428 1,407 
   Interest on lease liabilities131 145 415 453 
$4,396 $4,086 $13,270 $14,535 
The following table summarizes the future rental payments required under the leases:
September 30, 2020December 31, 2019
Year ending December 31,Operating
Leases
Finance LeasesOperating LeasesFinance Leases
2020$4,682 $2,043 $17,149 $2,106 
202117,004 10,784 17,004 10,441 
202216,867 2,762 16,867 2,418 
202311,055 344 11,055 — 
20249,068 3,085 9,068 — 
Thereafter131,347 — 131,347 — 
Total undiscounted rental payments190,023 19,018 202,490 14,965 
Less imputed interest(99,597)(2,641)(102,085)(1,169)
Total lease liabilities$90,426 $16,377 $100,405 $13,796 
Weighted average remaining term31.8 years2.1 years31.0 years1.6 years
Weighted average incremental borrowing rate7.8 %3.7 %7.7 %4.2 %
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2020 and 2019:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Leasing revenue—fixed payments$138,843 $159,356 $455,925 $482,194 
Leasing revenue—variable payments47,220 57,838 138,304 160,863 
Provision for doubtful accounts(10,557)(2,934)(39,248)(6,767)
$175,506 $214,260 $554,981 $636,290 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2021$403,464 
2022357,085 
2023310,769 
2024257,487 
2025204,648 
Thereafter556,607 
$2,090,060 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three and nine months ended September 30, 2020 and 2019:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Operating lease costs$3,788 $3,466 $11,427 $12,675 
Finance lease costs:
   Amortization of ROU assets477 475 1,428 1,407 
   Interest on lease liabilities131 145 415 453 
$4,396 $4,086 $13,270 $14,535 
The following table summarizes the future rental payments required under the leases:
September 30, 2020December 31, 2019
Year ending December 31,Operating
Leases
Finance LeasesOperating LeasesFinance Leases
2020$4,682 $2,043 $17,149 $2,106 
202117,004 10,784 17,004 10,441 
202216,867 2,762 16,867 2,418 
202311,055 344 11,055 — 
20249,068 3,085 9,068 — 
Thereafter131,347 — 131,347 — 
Total undiscounted rental payments190,023 19,018 202,490 14,965 
Less imputed interest(99,597)(2,641)(102,085)(1,169)
Total lease liabilities$90,426 $16,377 $100,405 $13,796 
Weighted average remaining term31.8 years2.1 years31.0 years1.6 years
Weighted average incremental borrowing rate7.8 %3.7 %7.7 %4.2 %