Rental Income and Future Minimum Rent (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Rental income

The table below sets forth the allocation of rental income between fixed and variable payments and collectability reversals for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Fixed lease payments	$	201,324	$	197,295	$	603,386	$	585,257
Variable lease payments	31,479		31,650		89,293		93,059
Net collectability reversals (1)	(2,083)		(1,823)		(2,830)		(14,205)
Total rental income	$	230,720	$	227,122	$	689,849	$	664,111

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(1)Represents adjustments to rental income related to our assessment of the collectability of amounts due under leases with our tenants. For the three and nine months ended September 30, 2020, includes a reduction in revenue of $1.8 million and $14.2 million, respectively, primarily as a result of the COVID-19 pandemic. Excludes the recognition of deferred rent balances associated with tenants restored from a cash basis of revenue recognition to an accrual basis to revenue recognition, which totaled $0.7 million for the three and nine months ended September 30, 2021. These amounts are included in fixed lease payments in the table above.

Future contractual minimum rent under operating leases

Future contractual minimum rent under operating leases, which includes amounts contractually due from leases that are on a cash basis of reporting due to creditworthiness considerations, as of September 30, 2021 for future periods is summarized as follows:

Year Ending	(in thousands)
Remaining 2021	$	183,829
2022	793,774
2023	788,425
2024	748,393
2025	701,749
2026	656,632
Thereafter	2,724,202
Total (1)	$	6,597,004

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