Lease Income

9 Months Ended

Sep. 30, 2022

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.

The components of lease income from operating leases during the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed lease payments	$	142,778	$	142,979	$	416,033	$	473,466
Variable lease payments	19,990		12,660		58,283		58,634
Total lease payments (1)	$	162,768	$	155,639	$	474,316	$	532,100
Amortization of acquired above and below-market leases	184		(276)		(101)		(4,037)
Total rental revenue	$	162,952	$	155,363	$	474,215	$	528,063

(1)Amounts include $55.7 million and $169.9 million of sublease income during the three and nine months ended September 30, 2022 and $52.0 million and $175.5 million of sublease income during the three and nine months ended September 30, 2021, respectively.

The components of lease income from sales-type leases during the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest income (1)	$	1,099	$	1,108	$	3,286	$	3,313

(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.

The components of lease income from operating leases during the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed lease payments	$	142,778	$	142,979	$	416,033	$	473,466
Variable lease payments	19,990		12,660		58,283		58,634
Total lease payments (1)	$	162,768	$	155,639	$	474,316	$	532,100
Amortization of acquired above and below-market leases	184		(276)		(101)		(4,037)
Total rental revenue	$	162,952	$	155,363	$	474,215	$	528,063

(1)Amounts include $55.7 million and $169.9 million of sublease income during the three and nine months ended September 30, 2022 and $52.0 million and $175.5 million of sublease income during the three and nine months ended September 30, 2021, respectively.

The components of lease income from sales-type leases during the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest income (1)	$	1,099	$	1,108	$	3,286	$	3,313

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