Rental Income and Future Minimum Rent

9 Months Ended

Sep. 30, 2022

Our rental income is primarily comprised of payments defined under leases and are subject to scheduled fixed increases. 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 and net collectability reversals for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in thousands)
Fixed lease payments	$	231,747	$	201,324	$	685,797	$	603,386
Variable lease payments	42,503		31,479		118,724		89,293
Net collectability reversals (1)	(1,704)		(2,083)		(191)		(2,830)
Total rental income	$	272,546	$	230,720	$	804,330	$	689,849

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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, including recognition of deferred rent balances associated with tenants restored from a cash basis of revenue recognition to an accrual basis of revenue recognition and allowances for uncollectible receivables and leases deemed not probable of collection.

We have operating leases with tenants that expire at various dates through 2048 and are subject to scheduled fixed increases. Generally, the leases grant tenants renewal options. Leases also provide for additional rents based on certain operating expenses. 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, 2022 for future periods is summarized as follows:


Year Ending	(in thousands)
Remaining 2022	$	204,108
2023	817,762
2024	789,711
2025	757,013
2026	704,712
2027	643,100
Thereafter	2,349,492
Total (1)	$	6,265,898

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