Rental Income and Future Minimum Rent

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Fixed lease payments	$	226,469	$	235,329	$	456,784	$	481,164
Variable lease payments	49,456		46,832		97,914		93,539
Net collectability reversals (1)	(6)		(852)		(3,889)		(3,290)
Total rental income	$	275,919	$	281,309	$	550,809	$	571,413

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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 2049 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 June 30, 2024 for future periods is summarized as follows:


Year Ending	(in thousands)
Remaining 2024	$	407,818
2025	815,061
2026	772,244
2027	713,271
2028	671,329
2029	584,137
Thereafter	1,530,297
Total (1)	$	5,494,157

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