The majority of the Company’s revenues are earned through the lease of space at its properties. All the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company does not have any leases that convey the right for the lessee to purchase the leased asset.

Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.

The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years.

The components of rental revenues are as follows:


	Successor						Predecessor
	Year Ended December 31,				Period from November 1, through December 31,		Period from January 1, through October 31,
	2023		2022		2021		2021
Fixed lease payments	$	397,047	$	396,755	$	75,740	$	271,221
Variable lease payments		116,910		145,492		27,512		179,701
Total rental revenues	$	513,957	$	542,247	$	103,252	$	450,922

The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2023, are as follows:


Years Ending December 31,	Operating Leases
2024	$	383,175
2025		307,089
2026		234,757
2027		175,642
2028		123,910
Thereafter		285,909
Total undiscounted lease payments	$	1,510,482