Rental Income and Future Minimum Rent

3 Months Ended

Mar. 31, 2023

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 or recoveries for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Fixed lease payments	$	245,835	$	224,816
Variable lease payments	46,707		37,081
Net collectability (reversals) recoveries (1)	(2,438)		1,311
Total rental income	$	290,104	$	263,208

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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 March 31, 2023 for future periods is summarized as follows:


Year Ending	(in thousands)
Remaining 2023	$	605,426
2024	803,728
2025	784,671
2026	732,810
2027	667,417
2028	621,716
Thereafter	1,861,469
Total (1)	$	6,077,237

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