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Lease Income | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lease Income | Lease Income The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2023 are as follows (in thousands):
2024 | $ | 496,311 |
2025 | 470,673 |
2026 | 426,247 |
2027 | 371,117 |
2028 | 316,789 |
Thereafter | 1,339,758 |
| $ | 3,420,895 |
The components of lease income from operating leases in effect at December 31, 2023, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Fixed lease payments | $ | 589,469 |  |  | $ | 583,107 |  |  | $ | 608,793 |
Variable lease payments | 79,641 |  |  | 82,676 |  |  | 73,543 |
Total lease payments (1) | $ | 669,110 |  |  | $ | 665,783 |  |  | $ | 682,336 |
Amortization of acquired above and below-market leases | 14,225 |  |  | 5,717 |  |  | (4,160) |
Total rental revenue | $ | 683,335 |  |  | $ | 671,500 |  |  | $ | 678,176 |
(1)Amounts include $196.5 million and $222.1 million of sublease income for the years ended December 31, 2023 and 2022, respectively. The table below summarizes our investment in sales-type leases as of December 31, 2023:
Property | Year of Current Expiration | Year of Final Expiration (1)
15 Beekman (2) | 2089 | 2089
(1)Reflects exercise of all available renewal options. (2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2023 are as follows (in thousands):
| Sales-type leases
2024 | $ | 3,180 |
2025 | 3,228 |
2026 | 3,276 |
2027 | 3,325 |
2028 | 3,375 |
Thereafter | 196,794 |
Total minimum lease payments | $ | 213,178 |
Amount representing interest | (107,544) |
Investment in sales-type leases (1) | $ | 105,634 |
(1)This amount is included in Other assets in our consolidated balance sheets. The components of lease income from sales-type leases during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest income (1) | $ | 4,444 |  |  | $ | 4,389 |  |  | $ | 4,422 |
(1)These amounts are included in Other income in our consolidated statements of operations.
Lease Income | Lease Income The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2023 are as follows (in thousands):
2024 | $ | 496,311 |
2025 | 470,673 |
2026 | 426,247 |
2027 | 371,117 |
2028 | 316,789 |
Thereafter | 1,339,758 |
| $ | 3,420,895 |
The components of lease income from operating leases in effect at December 31, 2023, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Fixed lease payments | $ | 589,469 |  |  | $ | 583,107 |  |  | $ | 608,793 |
Variable lease payments | 79,641 |  |  | 82,676 |  |  | 73,543 |
Total lease payments (1) | $ | 669,110 |  |  | $ | 665,783 |  |  | $ | 682,336 |
Amortization of acquired above and below-market leases | 14,225 |  |  | 5,717 |  |  | (4,160) |
Total rental revenue | $ | 683,335 |  |  | $ | 671,500 |  |  | $ | 678,176 |
(1)Amounts include $196.5 million and $222.1 million of sublease income for the years ended December 31, 2023 and 2022, respectively. The table below summarizes our investment in sales-type leases as of December 31, 2023:
Property | Year of Current Expiration | Year of Final Expiration (1)
15 Beekman (2) | 2089 | 2089
(1)Reflects exercise of all available renewal options. (2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2023 are as follows (in thousands):
| Sales-type leases
2024 | $ | 3,180 |
2025 | 3,228 |
2026 | 3,276 |
2027 | 3,325 |
2028 | 3,375 |
Thereafter | 196,794 |
Total minimum lease payments | $ | 213,178 |
Amount representing interest | (107,544) |
Investment in sales-type leases (1) | $ | 105,634 |
(1)This amount is included in Other assets in our consolidated balance sheets. The components of lease income from sales-type leases during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest income (1) | $ | 4,444 |  |  | $ | 4,389 |  |  | $ | 4,422 |
(1)These amounts are included in Other income in our consolidated statements of operations.

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