Rental Income and Future Minimum Rent

3 Months Ended

Mar. 31, 2024

Our rental income is primarily comprised of payments defined under leases and generally 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 sales.

The table below sets forth the allocation of rental income between fixed and variable payments and net collectability reversals for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Fixed lease payments	$	230,315	$	245,835
Variable lease payments	48,458		46,707
Net collectability reversals (1)	(3,883)		(2,438)
Total rental income	$	274,890	$	290,104

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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 moved to / restored from a cash basis of revenue recognition and allowances for uncollectible receivables.

We have operating leases with tenants that expire at various dates through 2048 and may be subject to scheduled fixed increases and future renewal options. 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, 2024 for future periods is summarized as follows:


Year Ending	(in thousands)
Remaining 2024	$	608,984
2025	808,474
2026	765,873
2027	706,957
2028	665,823
2029	579,246
Thereafter	1,501,596
Total (1)	$	5,636,953

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