Rental Income and Future Minimum Rent

3 Months Ended

Mar. 31, 2020

Future Minimum Rent

Our rental income is primarily comprised of payments defined under leases and are either subject to scheduled fixed increases or adjustments in rent based on the Consumer Price Index. Additionally, rental income includes variable payments for tenant reimbursements of property-related expenses and payments based on a percentage of tenant’s sales. The table below sets forth the allocation of rental income between fixed and variable payments for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
	2020			2019
	(in thousands)
Fixed lease payments	$	193,475		$	168,950
Variable lease payments	31,645			27,568
Collectibility (reversals) recoveries ⁽¹⁾	(6,487		)	2,864
Total rental income	$	218,633		$	199,382

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(1)	Represents adjustments to rental income related to our assessment of the collectibility of amounts due under leases with our tenants. For the three months ended March 31, 2020, includes a reduction in revenue of $6.5 million related to the cumulative impact of transitioning one co-working tenant and two retail tenants to a cash basis of revenue recognition as a result of the COVID-19 pandemic.

We have operating leases with tenants that expire at various dates through 2044. Generally, the leases grant tenants renewal options. Future contractual minimum rent under operating leases as of March 31, 2020 for future periods is summarized as follows:



Year Ending	(in thousands)
Remaining 2020	$	519,824
2021	734,731
2022	793,136
2023	775,953
2024	735,570
2025	666,785
Thereafter	3,427,200
Total ⁽¹⁾	$	7,653,199

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(1)

Excludes residential leases and leases with a term of one year or less.