Rental Income and Future Minimum Rent

12 Months Ended

Dec. 31, 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 recoveries or reversals for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
	2022		2021

Fixed lease payments	$	923,257	$	826,883
Variable lease payments	162,638		123,544
Net collectability recoveries (reversals) (1)	123		(1,433)
Total rental income	$	1,086,018	$	948,994

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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 December 31, 2022 for future periods is summarized as follows:


Year Ending	(in thousands)
2023	$	809,406
2024	796,645
2025	769,116
2026	716,780
2027	656,100
Thereafter	2,464,166
Total (1)	$	6,212,213

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