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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases |
7. | Leases
Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: • Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property. • Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:
(in thousands) |  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease income |  |  |  |  |  |  |  |  |  |  |  |
Fixed and in-substance fixed lease income |  | $ | 256,991 |  |  |  | 220,191 |  |  | $ | 513,616 |  |  |  | 439,831 |
Variable lease income |  |  | 86,082 |  |  |  | 74,337 |  |  |  | 178,372 |  |  |  | 155,118 |
Other lease related income, net: |  |  |  |  |  |  |  |  |  |  |  |
Above/below market rent and tenant rent inducement amortization, net |  |  | 7,441 |  |  |  | 8,751 |  |  |  | 13,264 |  |  |  | 14,616 |
Uncollectible straight-line rent (1) |  |  | (811 | ) |  |  | 1,522 |  |  |  | (1,210 | ) |  |  | 2,100 |
Uncollectible amounts billable in lease (loss) income |  |  | (1,858 | ) |  |  | (343 | ) |  |  | (3,091 | ) |  |  | 1,594 |
Total lease income |  | $ | 347,845 |  |  |  | 304,458 |  |  | $ | 700,951 |  |  |  | 613,259 |
(1) The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis of accounting for certain leases. The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:
(in thousands) |  | June 30, 2024 |  |  | December 31, 2023 |
Tenant receivables |  | $ | 24,935 |  |  |  | 34,814 |
Straight-line rent receivables |  |  | 147,409 |  |  |  | 138,590 |
Notes receivable |  |  | 31,943 |  |  |  | 2,109 |
Other receivables(1) |  |  | 32,712 |  |  |  | 30,649 |
Total tenant and other receivables |  | $ | 236,999 |  |  |  | 206,162 |
(1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. During the six months ended June 30, 2024 the Company issued a note receivable in the amount of $29.8 million at an interest rate of 6.9% maturing in January 2027, secured by a grocery-anchored shopping center.

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