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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Operating Leases | All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Rental income related to fixed lease payments(1) | $ | 122,617 |  |  | $ | 111,832 |  |  | $ | 360,899 |  |  | $ | 331,776 |
Rental income related to variable lease payments(1)(2) | 36,774 |  |  | 34,632 |  |  | 110,035 |  |  | 104,224 |
Straight-line rent amortization(3) | 1,893 |  |  | 2,095 |  |  | 5,718 |  |  | 7,686 |
Amortization of lease assets | 1,729 |  |  | 1,281 |  |  | 4,688 |  |  | 3,746 |
Lease buyout income | 393 |  |  | 587 |  |  | 844 |  |  | 1,016 |
Adjustments for collectibility(4) | (1,626) |  |  | (861) |  |  | (4,050) |  |  | (2,174) |
Total rental income | $ | 161,780 |  |  | $ | 149,566 |  |  | $ | 478,134 |  |  | $ | 446,274 |
(1)Includes rental income related to lease payments before assessing for collectibility. (2)Variable payments are primarily related to tenant recovery income. (3)Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy. (4)Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases.
Schedule of Operating Lease Maturity | Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of September 30, 2024, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, are as follows (in thousands):
Year | Amount |  |
Remaining 2024 | $ | 115,593 |  |  |
2025 | 478,272 |  |  |
2026 | 418,163 |  |  |
2027 | 350,807 |  |  |
2028 | 277,928 |  |  |
Thereafter | 699,267 |  |  |
Total | $ | 2,340,030 |  |  |

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