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Rental Income and Future Minimum Rent
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Rental Income and Future Minimum Rent Rental Income and Future Minimum Rent
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 recoveries or reserves for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Fixed lease payments$221,963 $234,812 $679,888 $691,596 
Variable lease payments51,963 51,907 146,470 149,821 
Net collectability recoveries (reserves) (1)
983 (768)(134)(4,657)
Total rental income$274,909 $285,951 $826,224 $836,760 
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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 2055 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 September 30, 2025 for future periods is summarized as follows:
Year Ending(in thousands)
Remaining 2025$197,419 
2026782,955 
2027774,651 
2028732,592 
2029640,795 
2030556,550 
Thereafter1,222,226 
Total (1)
$4,907,188 
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(1)Excludes residential leases and leases with a term of one year or less.