v3.26.3
Leases
 9 Months Ended
Sep. 30, 2026
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, 2026 and 2025:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Leasing revenue—fixed payments$184,539 $179,312 $540,729 $536,349 
Leasing revenue—variable payments57,605 58,875 163,966 172,566 
Provision for doubtful accounts(2,215)(955)(5,348)(3,311)
$239,929 $237,232 $699,347 $705,604 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30,
2027$647,655 
2028593,818 
2029505,033 
2030414,459 
2031346,234 
Thereafter1,194,107 
$3,701,306 
Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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.
The following table summarizes the lease costs for the three and nine months ended September 30, 2026 and 2025:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Operating lease costs$3,689 $3,478 $10,963 $10,229 
Finance lease costs:
   Amortization of right-of-use assets— — — 7 
   Interest on lease liabilities— — — 10 
$3,689 $3,478 $10,963 $10,246 
The following table summarizes the future rental payments required under the operating leases:        
Year ending December 31,September 30, 2026
2026$3,468 
202712,231 
20288,785 
20296,620 
20306,663 
Thereafter69,745 
Total undiscounted rental payments107,512 
Less imputed interest(46,090)
Total lease liabilities$61,422 
Weighted average remaining term24.7 years
Weighted average incremental borrowing rate7.0 %
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, 2026 and 2025:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Leasing revenue—fixed payments$184,539 $179,312 $540,729 $536,349 
Leasing revenue—variable payments57,605 58,875 163,966 172,566 
Provision for doubtful accounts(2,215)(955)(5,348)(3,311)
$239,929 $237,232 $699,347 $705,604 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30,
2027$647,655 
2028593,818 
2029505,033 
2030414,459 
2031346,234 
Thereafter1,194,107 
$3,701,306 
Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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.
The following table summarizes the lease costs for the three and nine months ended September 30, 2026 and 2025:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Operating lease costs$3,689 $3,478 $10,963 $10,229 
Finance lease costs:
   Amortization of right-of-use assets— — — 7 
   Interest on lease liabilities— — — 10 
$3,689 $3,478 $10,963 $10,246 
The following table summarizes the future rental payments required under the operating leases:        
Year ending December 31,September 30, 2026
2026$3,468 
202712,231 
20288,785 
20296,620 
20306,663 
Thereafter69,745 
Total undiscounted rental payments107,512 
Less imputed interest(46,090)
Total lease liabilities$61,422 
Weighted average remaining term24.7 years
Weighted average incremental borrowing rate7.0 %