Rental Income and Future Minimum Rent

12 Months Ended

Dec. 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 recoveries or reversals for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022

Fixed lease payments	$	944,618	$	923,257
Variable lease payments	184,672		162,638
Net collectability (reversals) recoveries (1)	(11,553)		123
Total rental income	$	1,117,737	$	1,086,018

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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, 2023 for future periods is summarized as follows:


Year Ending	(in thousands)
2024	$	806,250
2025	800,821
2026	755,071
2027	698,993
2028	658,993
Thereafter	2,042,634
Total (1)	$	5,762,762

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