Rental Income and Future Minimum Rent

12 Months Ended

Dec. 31, 2021

Our rental income is primarily comprised of payments defined under leases and are either subject to scheduled fixed increases or adjustments in rent based on the Consumer Price Index. 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 collectability reversals for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020

Fixed lease payments	$	826,883	$	786,860
Variable lease payments	123,544		124,443
Net collectability reversals (1)	(1,433)		(18,997)
Total rental income	$	948,994	$	892,306

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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 allowances for uncollectible receivables (refer to Note 6 “Receivables” for additional information) and leases deemed not probable of collection under Topic 842. For the year ended December 31, 2021, the adjustments are reduced by the recognition of deferred rent balances associated with tenants restored from a cash basis of revenue recognition to an accrual basis to revenue recognition.

We have operating leases with tenants that expire at various dates through 2044 and are either subject to scheduled fixed increases or adjustments in rent based on the Consumer Price Index. 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, 2021 for future periods is summarized as follows:


Year Ending	(in thousands)
2022	$	791,090
2023	810,679
2024	770,892
2025	724,452
2026	678,857
Thereafter	2,862,122
Total (1)	$	6,638,092

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