Lease Income (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2021 are as follows (in thousands):

2022	$	532,046
2023	485,299
2024	443,632
2025	415,241
2026	374,661
Thereafter	1,655,647
	$	3,906,526

Operating Lease, Lease Income

The components of lease income from operating leases during the years ended December 31, 2021 and 2020 were as follows (in thousands):

	Twelve Months Ended December 31,
	2021		2020
Fixed lease payments	$	600,474	$	702,482
Variable lease payments	73,542		96,040
Total lease payments	$	674,016	$	798,522
Amortization of acquired above and below-market leases	4,160		5,901
Total rental revenue	$	678,176	$	804,423

(1)Amounts include $229.2 million and $237.9 million of sublease income for the years ended December 31, 2021 and 2020, respectively.

Schedule Of Sales Type Leases

The table below summarizes our investment in sales-type leases as of December 31, 2021:

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."

Sales-type Lease, Lease Income

The components of lease income from sales-type leases during the years ended December 31, 2021 and 2020 were as follows (in thousands):

	Twelve Months Ended December 31,
	2021		2020
Loss recognized at commencement, net (1)	$	—	$	(6,237)
Interest income (2)	4,422		1,817
Total gain (loss) recognized on sales-type leases	$	4,422	$	(4,420)

(1)These amounts are included in Gain on sale of real estate, net and Depreciable real estate reserves and impairments in our consolidated statements of operations.

(2)These amounts are included in Other income in our consolidated statements of operations.

Sales-type and Direct Financing Leases, Lease Receivable, Maturity

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, 2021 are as follows (in thousands):

	Sales-type leases
2022	$	3,087
2023	3,133
2024	3,180
2025	3,228
2026	3,276
Thereafter	203,494
Total minimum lease payments	$	219,398
Amount representing interest	(116,376)
Investment in sales-type leases (1)	$	103,022

(1)This amount is included in Other assets in our consolidated balance sheets.