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Leases
9 Months Ended
Sep. 30, 2022
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, 2022 and 2021:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Leasing revenue—fixed payments$139,261 $132,789 $409,518 $395,796 
Leasing revenue—variable payments55,624 65,984 176,493 173,592 
Recovery of (provision for) doubtful accounts, net709 (1,638)1,585 4,269 
$195,594 $197,135 $587,596 $573,657 
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2023$374,739 
2024321,265 
2025260,668 
2026209,139 
2027158,821 
Thereafter458,664 
$1,783,296 

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, 2022 and 2021:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Operating lease costs$3,788 $3,398 $11,338 $11,027 
Finance lease costs:
   Amortization of ROU assets483 480 1,446 1,436 
   Interest on lease liabilities100 117 402 460 
$4,371 $3,995 $13,186 $12,923 
The following table summarizes the future rental payments required under the leases:
September 30, 2022December 31, 2021
Year ending December 31,Operating
Leases
Finance LeasesOperating LeasesFinance Leases
2022$4,120 $2,450 $14,302 $4,461 
202312,255 2,450 8,452 2,043 
202411,563 9,478 6,471 9,072 
202511,746 1,400 6,513 — 
202611,864 — 6,470 — 
Thereafter121,193 — 109,358 — 
Total undiscounted rental payments172,741 15,778 151,566 15,576 
Less imputed interest(87,667)(3,173)(85,383)(1,048)
Total lease liabilities$85,074 $12,605 $66,183 $14,528 
Weighted average remaining term32.1 years1.9 years36.3 years2.1 years
Weighted average incremental borrowing rate7.4 %3.7 %7.8 %3.7 %
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, 2022 and 2021:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Leasing revenue—fixed payments$139,261 $132,789 $409,518 $395,796 
Leasing revenue—variable payments55,624 65,984 176,493 173,592 
Recovery of (provision for) doubtful accounts, net709 (1,638)1,585 4,269 
$195,594 $197,135 $587,596 $573,657 
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2023$374,739 
2024321,265 
2025260,668 
2026209,139 
2027158,821 
Thereafter458,664 
$1,783,296 

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, 2022 and 2021:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Operating lease costs$3,788 $3,398 $11,338 $11,027 
Finance lease costs:
   Amortization of ROU assets483 480 1,446 1,436 
   Interest on lease liabilities100 117 402 460 
$4,371 $3,995 $13,186 $12,923 
The following table summarizes the future rental payments required under the leases:
September 30, 2022December 31, 2021
Year ending December 31,Operating
Leases
Finance LeasesOperating LeasesFinance Leases
2022$4,120 $2,450 $14,302 $4,461 
202312,255 2,450 8,452 2,043 
202411,563 9,478 6,471 9,072 
202511,746 1,400 6,513 — 
202611,864 — 6,470 — 
Thereafter121,193 — 109,358 — 
Total undiscounted rental payments172,741 15,778 151,566 15,576 
Less imputed interest(87,667)(3,173)(85,383)(1,048)
Total lease liabilities$85,074 $12,605 $66,183 $14,528 
Weighted average remaining term32.1 years1.9 years36.3 years2.1 years
Weighted average incremental borrowing rate7.4 %3.7 %7.8 %3.7 %